Originally posted by FrankMcG:
An engine is certainly not at it's most efficient point when idling but it generally will be using less gas then when spinning at 2000+rpm and no throttle.
Not true actually.
An engine is at it's most efficient under immense vacuum. (engine braking)
Now if you were engine braking at 5k rpm (high rpms) I would have to agree idling is likely to use less gas.
Either way it's still not a bright idea (nor is engine braking at 5k rpm, but hey)
Also since the topic came up. Running on the last bastions of fuel is bad for the fuel pump, injectors, filter, and engine. It's a very easily avoidable situation...