There's a lot of inefficiency in going downhill. Especially since most people end up using their brakes.
I think for most cars if you dropped down 800 vertical feet with 100% efficiency and no losses, it would be going well over 100 MPH. You have to hit the brakes somewhere or convert the energy to heat/noise.
There are a lot of inefficiencies in both directions going up and down. It is a simple potential energy statement though...you get the same amount back as you require to go up. Any reduction in fuel economy is a direct statement of the inefficiencies of the system.
I have often wondered if a good hyper-miler could actually get better economy in a hilly area as a throttle controlled engine is more efficient at higher throttle settings. Higher throttle setting going up the hill, then closed throttle and zero fuel usage going down the hill. In theory it could be more efficient than a steady throttle with no hill? Obviously speed limits and other traffic throw the ideal out the window.