Perhaps roundabouts aren't as efficient with heavy traffic -- I really don't know and have not seen any study on it.
However, they are a lot more efficient than traffic-light controlled junctions in low to medium traffic areas (Newton used to be light-controlled only at peak hours -- is this still true?).
The US cross junction (not traffic-light controlled) is pretty good too. Everyone stops, and the one who arrived first goes first. Yes, yes, there will be some 'cheats'. In our case, you arrive at a junction with absolutely NO other traffic, and wait because your light it red, even at 3am in the morning.
Are we really that bad as a society that we can't have most drivers play fair at uncontrolled 4-way junctions? And if someone 'cheats', is everyone else level-headed enough not to chase the guy, horn blaring and lights flashing?
*sigh* don't bother to answer the last question