I haven't noticed an improvement in efficiency myself. I do think it does something to the body, head retention, and malt profile (even with hoppy beers). I dough in at 40C (104F) for 10min if using a lot of wheat and then ramp up to 60C (140F) and 70C (158C). The times depend on the style I'm brewiwng.
I do 60C (140F) and 70C (158F) rests for my ales without under modifed grains (wheat, rye, etc...). Times depend on the style. I realize that the malt is highly modified, but the fact remains Beta Amylase does best in a certain temp range and Alpha Amylase does best in another.
Mostly like Sawdustguy says in his link above I'd avoid rests between 120 and 140.
There is a reason different mash temps are still used for differnt beers i.e. 152, 154, 158. Even with modified malts the mash temp will effect the final product. So I target the specific temp ranges of the enzymes instead of the compromise of 154 is close enough.