So, at a pit-stop to buy a new gear cable (mine keep snapping with monotonous regularity), I took the opportunity to raise the seat by a couple of inches and ... what an amazing difference! I felt preposterously high above the cars (purely psychological, of course) and ludicrously distant from the road. I worried about whether my feet would actually reach to the ground when I stopped, but mercifully I was still in contact. But good grief - the extra cycling power! I suddenly felt like I could go like the wind - admittedly not that sensible while negotiating the T-Junction which takes you into Marylebone High Street. It must be said though that it's not all joys - I also felt much more knackered more quickly.
But my suspicion is that by raising your seat a tiny bit, you could make a substantial impact on speed and efficiency.
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By the way - just found a good post on bike seat height at Bike Radar - and it confirms the idea that a too-low saddle can have a serious impact on energy efficiency. So there you go.
