I don't necessarily agree with plotter on this one.
There area a number of factors that will affect economy. Obviously any change in the MPG you achieve will depend on how economical you drive without CC, and CC suits some engines better than others.
CC will work better with engines that have a wide power band, so turbo diesels are usually quite effective. CC is always reactive rather than proactive, so it will not anticipate changes in incline and adjust the throttle in advance.
A highly attentive driver can anticipate the conditions ahead and may be able to out perform a CC on hilly roads, but on long basically flat runs (i.e. motorways) I believe the CC can be more consistent than a human, and thus offer driving with less stress and worry. In general as a driver tires, their speed can creep upwards, this not only reduces economy, it increases the wear rates and stress on components.
CC is also kinder to the cars mechanics; because any changes in throttle are smaller so instantaneous changes are less dramatic.
It also helps to protect your driving licence from breaking the speed limits
Using CC does not allow you to abdicate your responsibilities as a driver, you must still be aware of how the engine is coping, and just as if you are driving manually, if the engine is labouring, then you should be anticipating change to a more favourable gear ratio.
On balance I believe the CC fitted to my car does provide better economy, and it certainly helps with driving within the speed limits. In my area I have a stretch of road that has 8 of Gordon's yellow/grey money-boxes within a 2 mile stretch, and numerous others on other local roads.