Teamcasa has still to define "efficient" per Nemrod's request. Unless the term is defined, the question and answers are all anecdotal and not related to facts.
So, for my humble opinion, today's SCUBA equipment is not more efficient than equipment made 20 years ago. Some of it may be better, some of it may even be worse.
I use the same regulator set I bought in 1988, a Mk200/G200 with an Air 2 as an octo/power inflator. When these regulators are tuned correctly, there is no reg that is better. There are a lot more expensive, but not better.
My BC (I had to buy a new one two years ago) is a Scubapro Classic Sport, it has two new ways to dump air now than then. I like that, but it doesn't make it more efficient. It doesn't trap air like the few back inflate BC's I have tried, and a Back Plate and Wing is just a back inflate BC, and I am not sure it is better. For my purposes it is worse for several reasons, two being that (1) an unconcious diver on the surface will float face down and (2) it traps air.
I could continue, but I still say in order for the argument to have meaning, the term "efficient" must be defined. Can you tell I'm an Engineer?