I installed my wind deflector last spring and field tested it thoroughly through October. My truck is an 2006 F-150 Scab 5.4L with a Leer Shell. The trailer is a 2008 22', 5600# GVWR Pioneer Spirit 18CK.
"Yes!" they work. I consistently have gotten a 1.5 to 2.0 mpg increase since installing the deflector. It helps that mine is located at the aft end of the Leer Shell as moving them closer to the trailer enhances their effectiveness. I spent $377 delivered to my door(From Icon Direct), and at $3.50 a gallon it will have paid for itself in less than a year.
Here is a picture of the truck and trailer. Note that the angle of the wind deflector in this shot is way to steep. The proper angle is for the deflector to be aligned with the top leading edge of the trailer.
Once I got the correct angle I saw an 8%+ increase from 11 to 12.5 in mileage {along with the bugs disappearing from the front of the trailer}.
We average 12.5 mpg and that is camping throughout the serious mountains of Arizona. We spent most of the summer, 30 days over the course of 7 trips, between 6,000' and 9,000'.
If you do not have a shell (you really should get one but I digress),
placing the deflector on the roof of the cab will work but probably deliver slightly less of an improvement. The closer to the trailer you get the wing the more efficient it becomes.
For the record I drive the speed limit or less and am well under the max weight ratings for my rig. If you are looking for mileage improvement for less money get yourself a Scan Gauge (about $150), and let it teach your right foot how to drive more efficiently. The first trip with the Scan Gauge improved our mileage from 10.3 to 11.3 or roughly 9%. By putting the SC together with the wind deflector I have increased my mileage by approximately 18%.