Hi Folks,
I'm sorry to post against what a few have said, but I disagree about fuel economy being better above planing speed. The subject has come up before in another forum (or 2), and somebody posted his gage readings within the past week or 2 I think, but I can't find that right now. But, take a look at this forum page
http://www.c-brats.com/viewtopic.php?t=7603 to see some fairly hard info, incl. a chart which was given to me by our dealer showing rpm, speed, fuel flow and MPG for a C-D 25 with a Honda 150 (It think).
It sounds nice to say that you're pushing the hull thru the water when not planing, and skimming over it when on plane. But it takes a lot of power to lift the hull's weight up onto the water and keep it there. We sailed for 10 yrs or so, and hull speed is a known figure that depends upon hull's waterline length (almost exclusively), and is the speed which a displacement type hull of a particular length can be pushed thru the water before the power required becomes very high and it may try to rise and plane.
For example, a displacement hull with a water line length of about 25 ft (C-Dories are "semi-displacement" I think) has a hull speed of about 6 kts. To go something like 8 kts would require nearly twice the power. It's a square relationship, to double the speed you must quadruple the power. (again, this is for a displacement hull.) Our C-D's aren't really planing like a bass boat or hydroplane is, they're semi-displacement, and we use the trim tabs or motor angle & Permatrims to lift up the stern to make it seem to be fully planing. But we're dragging the tabs thru the water to lift the stern.
From what I've seen recently here with our boats, previously with others, and recently in my search for the same answer on larger semi-displacement boats, it seems to always come back that somewhat below planing speed is the most economical, fuel economy-wise.
We bought our 25 last Summer after sailing in a 27 ft sloop for 8-9 yrs (12 HP to go at 5-1/2 kts, under power). We have enjoyed being able to get places faster (e.g. Oriental for lunch) with the planing boat, but have decided we'd like a little more creature comforts so have listed the C-D 25 for sale within the last week. We're looking for something a little larger, with an inboard, and have been looking closely at the Mainship 30 Pilots. Twice the weight, twice the HP, but can go at just below hull speed at about the same fuel consumption, and not much worse than the 25 at comparable planing speeds.
Lots of words, I haven't dug for formulas to back it all up with, but I'll stand by the general thoughts.