As soon as you throw hills and traffic into it, the answer is not so obvious anymore. In my anecdotal experience, driving on hilly terrain without cruise control, I seem to get better mileage by taking more of a constant throttle approach: gradually dropping below my target speed up hills and making it up on the downhills.
On a flat terrain, I can see why cruise control is better than a human foot regarding maintaining speed and getting better mpg's,
But I agree with Red here that when you throw in the hills, up and/or down, the equation changes.
In almost all of the cars I've owned that had cruise, when going up an incline, (especially if the car was loaded with people and luggage), the engine would rev up, and the tranny would drop down a gear to try and maintain speed.
Trying to maintain 75mph on a long uphill stretch of highway would suck gas like crazy.
I always disengaged the cruise in these situations to save the car from going into passing gear.
Slowing down a bit in these situations never bothered me, and it saved the car from having to over exert itself.
Going down the other side, the car would speed up (no auto brakes on the older cruise systems) and go faster than the set speed.
All in all, I use my cruise whenever I can, but I take over manual control in hilly terrains.