[sgtlethargic]

Originally Posted by JackMcCornack

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I think that's true in practice, though not in theory (huh?). In my experience, what turbocharging gives me is access to more power when I need it, which is rarely, but it sucks plenty of fuel at turbo-power. Most of the time, it acts like its 25 hp NA version (I cruise at low power and zero boost) but when I want it I can get 33 hp, thanks to the turbo, but it's not a particularly efficient 33 hp. Point is, 33 hp is available on demand, though I probably only demand it an average of 20 seconds per hour of driving. To get the same power NA, I'd need the next size up, one cylinder and 400cc bigger, which would hurt efficiency at cruise and I'd still only want full power for 20 seconds an hour.

So in theory, turbocharging doesn't help efficiency, but in practice, it lets you run a smaller motor so the overall effect is positive. At least, that's my experience with the Kubotas.
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My idea about turbocharging is very similar to what you said, so I guess I should've left [fuel] efficiency out of the sentence. Set up the engine more or less for cruise speed, and the turbo kicks in for acceleration needs- passing, climbing, etc.