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@hippy
"From the results of this study, it appears that the efficiency of the bicycle chain drive depends intimately on the chain operation as it engages and departs from the sprockets on the hightension part of the drive. Owing to the high efficiencies measured under high chain tensions, friction can account for only a few percent of the overall losses."
http://www.ihpva.org/HParchive/PDF/hp50-2000.pdf
Still, they look pretty sexy. Maybe if I had an expensive tt bike..
http://shop.berner-bikes.com/drupalprod/schaltwerke