A quick Google search of 10GBASE-T and power will find a large number of articles and pundits decrying that the technology uses too much power to be energy efficient. Generally, the more recent and relevant articles will compare today's Nth-generation 1000BASE-T devices, which consume around 500mW to first-generation shipping 10GBASE-T PHYs, which consume in the neighborhood of 10 Watts. Even considering that the next generation of 10GBASE-T PHYs will be roughly half the power of today's, this makes it look like a long way to go for 10GBASE-T to be energy efficient; however, that is, until you put it in perspective.
Now, when a 10Gb link is used to carry traffic that could easily be sent on a 1Gb link, without any extra hardware (e.g., extra NICs, aggregation hardware, switching ports & fabric), the analysis above makes sense. However, that would be like comparing the energy efficiency of a train carrying a single passenger to a small car driving the same route. The train is efficient simply because it CAN carry more. When it is below a critical carrying capacity, its efficiency is handicapped. With this metric in hand, if other-than-PHY hardware is considered (server CPUs, MACs, Switch ports), first generation 10GBASE-T links will already be more efficient when fully loaded, and, by the second generation, 10GBASE-T PHYs by themselves will be efficient on a Watt / (Gbit/second) basis than 1000BASE-T PHYs. The question is, "How well are 10Gb links going to be utilized?"
K. Lloyd recently posted in the Intel "Server Room" (http://communities.intel.com/openport/blogs/server/2008/01/29/almost-free-data-center-capacity) that today's data centers are often 5-15% utilized, but that a conceivable target for next generation data centers would be as high as 75%. Looking back at my last posting, I mentioned the macro approach of consolidating many links into one, driven by data center virtualization - consolidating multiple servers (and switch ports) together. A quick look at Cisco's data center visions (http://blogs.cisco.com/datacenter/2008/02/expecting_and_getting_more_fro.html) in addition to Intel's (http://communities.intel.com/openport/blogs/server/2008/02/13/data-center-fabric) expands further on this vision, by consolidating not only traditional ethernet applications but also bringing in storage, currently carried today on fibre channel and other networks. The result, I believe, is that you can expect to see links filled to the breaking point, fully amortizing each link.
In comparison, when 1000BASE-T was adopted, it began around 6 Watts per port, at a time when 100BASE-T PHYs could be found around 300mW , the same roughly 20:1 ratio seen today. 1000BASE-T came down first by a factor of 2 and then more incrementally, but after that first step, the big change in efficiency comes from the ability to carry 10X the traffic, even without the consolidation we see at 10Gb today.
In short, energy efficiency in Ethernet comes directly out of one of the mantra's of for Ethernet success: growing at 10X the performance with a moderate increase in cost, which would include energy. Already in the early generations we are in sight of energy parity on a Gigabit-per-second per Watt basis for heavily loaded links, and with all the changes happening in the network driving 10G, we can expect the efficiency curve to run rapidly.