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@Arducius
Yes I've heard that about flues (been doing lots of reading in preparation for fitting one into the boat). I think* a lot of the efficiency of the stove comes form it being a large lump of cast iron (and fire bricks) that act as a massive heat sink (prior to radiating the heat outwards) and keep the firebox hotter than an open fire which results in better, more complete combustion (as well as cleverly designed insides that give you a secondary combustion of waste gases etc).
*though I am happy to be set straight if this isn't the case.