No question that water is well understood by the active public. The days of fluid restriction during sports are long gone. But researchers have been looking at improving on water ever since the advent of Gatorade. The timing, volume, temperature and components of sports drink have been under continual study.
For example, a drink does no good if it stays in the stomach, so the concentration of sugars is limited. A drink does no good if it doesn't get from the small intestine into the blood, so there is an optimal concentration of salt in the drink. And a drink isn't all that effective if it doesn't stay in the body—meaning that the volume of drink and salt concentration, again, are critical.
Plain water doesn't have these advantages. A well-formulated drink has the proper concentrations of sugars, salts, and micronutrients, making it more effective than water alone.