Real world experience with electronic ignitions:
Note: I work as an A+P in a corporate flight department, I am a pilot and aircraft owner.
I've installed, and/or been involved with the installation of a number of electronic ignition systems. Including Lightspeed's on a IO-360 equipped Velocity, Lightspeeds on an IO-540 powered F1-Rocket, E-Mags on a Velocity and others. Starting about 10 years ago.
1) the engines always operate smoother.
2) the peak power might be slightly less, resulting in a possible "slight" reduction in rate of climb. However, this is impossible to verify.
3) cylinder head temps in cruise are always higher
4) audible detonation does occur if mismanaged (running too much advance with high compression pistons for example)
5) Fuel consumption during taxi, low speed flight (such as traffic pattern, or sightseeing at low+lean power settings) and during descent is markedly improved.
6) Fuel consumption during high speed flight is unchanged. (although there may be a slight loss of top speed)(impossible to verify)
7) Overall fuel consumption is reduced on the order of 5% for the folks I've dealt with.
8) Underpowered aircraft won't see much gain in fuel economy, as engines are often run at higher power settings, where timing advance cannot be used.
The F1 rocket, for example, has 300HP, and can be thought of as a clipped wing RV-4, plenty of power. He was able to see significant gains in economy. But at uncomfortable altitudes, and modest power settings, while pushing CHT limits. He has a nifty way to adjust ign timing in flight with a simple knob. Guess where that timing eventually ends up? At modest settings that mirror a 25 degree magneto setting. (yes, his engine is tightly cowled, and CHT's are a constant concern) He claims he can get down to 12-13GPH at 200MPH at 12,000 feet, with a CHT of 420. Not exactly comfortable.
The Velocity on the other hand, runs it's IO-360 angle valve engine very hard, at 12 gallons per hour in cruise. He shows zero improvement in cruise fuel economy. But, gains in other areas of flight, taxi, pattern, slow speed/lean and descent.
My personal feeling: I love the electronic ign systems. For the smoother operation, quick starting, and differing modes of failure. (one mag, one elec have different modes of failure) AND, for the slightly improved fuel economy. I'd guess return on investment is not the way to look at elec ign. Just don't expect more power or significant gains in economy. One regular route we fly at 7500-9500 consumes 40-41 gallons, mags or elec ign matters not on that trip.