Answer is: It depends.
First, let's talk interstate highway driving. The potential downside to CC is that it is very aggressive in trying to maintain speed. In hilly terrain it easily pushes engine RPM into inefficiently high ranges. On flat terrain, however, that generally is not a problem. On the flat or downhill, CC can allow RPM to drop into what some consider to be, at least theoretically, inefficiently
low ranges.
There are methods of driving that will keep RPM in efficient ranges, but they require continuous adjustment of the go-pedal. I did a controlled test comparing CC to one of those methods. You can read the test report here:
http://priuschat.com/forums/knowledge-b ... prius.htmlMy conclusion: On flat or gently rolling terrain, CC is just as good as the alternative method, and a lot simpler. In hillier terrain, however, I tend to stick with active manipulation of the go-pedal.
Next is the "mid-speed" ranges of, say 45-55 MPH. The same can be said of CC as compared to the method described in my paper. However, there is another advanced technique that probably can net better fuel economy on terrain that is flat or nearly so, but it takes practice and probably is best done with add-on instrumentation. And it is not practical at interstate speeds. It has been dubbed "super highway mode," and a thorough discussion can be found here:
http://www.cleanmpg.com/forums/showthread.php?t=6179Finally, at speeds of 40 MPH or less, I avoid CC. Instead, a technique known as "pulse and glide" will net better fuel economy when it can be applied. There are lots of threads here and in other forums discussing the technique, but to get you started, this is probably the most complete:
http://www.cleanmpg.com/forums/showthread.php?t=1224Good luck!