I am by no means an engineer, but I have observed the following things in my personal use: first my 3720 (turbo) tractor on my terrain and in my particular circumstances burns no more fuel than did my 4310 (non-turbo)at WOT. It burns less fuel at 2000 RPM, which is where most of my work is done. This consumption has been consistent and was consistent with the last 3720 I had. My four cylinder 4520 turbo JD burned more than the 4310 and the 3720 but was a larger machine. It was not, however, that large a difference, and would have been comparable HP/gallon/hour. My F250 7.3L diesel Power Stroke does in fact burn less fuel in most circumstances than did the same engine stock with my Banks System on it. As one of the other posters noted, at WOT or under heavy load that taxes the engine I have no doubt that my truck would burn more fuel, but in all other cases including most towing instances I am getting about 15% better mileage currently modified. My layman's theory is that the engine is running cooler (has efficient intercooler and turbo setup) and is less taxed, and if the boost stays down, runs more efficiently on each gallon of fuel. But, if I get anxious and blow the boost to 30 psi, the fuel economy would definitely go down.
John M