My shift points are in the range of 2000RPM under moderate (50-65%) load. While cruising is the most efficient state for the car, it is impossible to make up for a very inefficient (in my case 10-20mpg) start with a few hundred extra feet of cruising. Remember that you can't un-burn that fuel, only average it out slowly.

As far as pumping losses are concerned, I think that's really the wrong way to look at it. Going WOT for a few seconds may be a more efficient way to produce power, but that doesn't mean that you are using the extra power efficiently. In addition to paying for the kinetic energy gained, you also have to pay for significantly increased drivetrain losses if you end up at high RPM (a factor especially for automatic and CVT-equipped cars) and slightly more aero drag due to slightly more distance travelled at high speed. Finally, many vehicles run rich at WOT under open-loop fuel management in order to protect the engine from pinging and detonation, which is akin to dumping fuel directly out your tailpipe. So I don't think there's anything to be gained except thrills, engine wear, and two seconds off of your trip time.