yeah, its definitely weaksauce as an 'electric' vehicle.
having said that i've got 88mpg lifetime. i think i've filled the tank 4 times since i took delivery of the car in late march. of course, i'm using it primarily for around-town; if i had to make long freeway trips i'm sure the average MPG would look a lot more like a regular prius. and as it turns out electricity costs so much here in northern cal that i'm not really saving any money. but together with the leaf we're almost completely off of gasoline and that's a great thing.
it *will* go up to 65mph on electric alone, but the point at which the gas motor kicks in is really dependent on how much torque you call for. around here there are some hills that i have to crawl up at 25mph to stay in electric mode
I'm around 102MPG, but I plug in at home and at work, and 11 of the 15 mile 1 way commute is in EV.
I've filled up 10 times since mid April, 7424 miles total: http://www.fuelly.com/driver/mitch672/prius-plugin
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I'm waiting for the Model S, though it won't save much more than I already am with the PiP, just won't be burning any gas at all, but it's minimal at this point anyway.
A friend was going to buy a standard Prius package 3, with the $3500 Toyota incentive in MA, and beating the dealer up a bit (another $1,000 off), she bought it for about the same as a regular Prius, plus she'll get the $2,500 federal credit as well.