The FW29 introduced a zero-keel suspension configuration, which had become the industry standard by 2007. Compared to its predecessor the FW28, the new car featured an undercut sidepod leading edge with top louvres for cooling, improvements to the engine and exhaust to address reliability issues experienced in 2006, and a lower and narrower top deck for improved aerodynamic efficiency. At the rear, a twin-pillar configuration supported a lighter, lower-drag rear wing featuring FIA-mandatory slot gap separators to prevent deflection. For the opening races in Australia, Malaysia, and Bahrain, large cooling chimneys were fitted given the high ambient temperatures expected at those circuits.
The car debuted at testing in Jerez, where Wurz completed 72 laps and posted the second-fastest time in a 16-car session, fractions behind Pedro de la Rosa's McLaren.
The FW29 retained Williams' established blue and white colour scheme. Long-standing partners RBS and Reuters continued, while AT&T joined as new title sponsors and Chinese computer manufacturer Lenovo came aboard for the first time.
The FW29 represented a clear step forward from the troubled FW28, which had scored only 11 points and suffered persistent reliability problems. The 2007 car proved a consistent points contender, though it was comfortably outpaced by the leading McLaren and Ferrari machinery as well as the newly formed BMW Sauber team.
Wurz had a mixed campaign. His most memorable result came at the Canadian Grand Prix, where he claimed an unlikely podium despite suffering rear wing damage from contact with Vitantonio Liuzzi. His form declined in the second half of the season, and he announced his retirement from Formula One before the season finale. Test driver Kazuki Nakajima replaced him for the final race in Brazil.
Rosberg was consistently the faster of the two Williams drivers, scoring points regularly and increasingly asserting his superiority over Wurz as the year progressed. The team was classified fourth in the Constructors' Championship with 33 points, a position aided by McLaren's exclusion from the championship standings following the espionage controversy.
Williams introduced a B-specification version of the FW29 at winter testing in Jerez in January 2008. The FW29B incorporated several aerodynamic modifications that would later be carried over to the development of the FW30. Both Rosberg and Nakajima drove the car during testing sessions.
The FW29 marked the end of a difficult transitional period for Williams following their departure from their long partnership with BMW engines. Finishing fourth in the Constructors' Championship was a significant improvement on 2006, and Rosberg's growing reputation as a top-line talent — consolidated during this season — would eventually be vindicated when he took his maiden Formula One victory in 2012.