Although they're not exactly a... gov't recognized testing company, Mythbusters did a test on this a couple of years ago. They took a couple of SUVs and ran them with the windows up/AC on, and windows down/AC off at varying speeds. I think they ran the trucks around a race track, and just waited until the gas ran out. They filled them up equally with something like a gallon of gas, and let 'em go. The first truck to die would mean it was less efficient. The major problem with this is that even though they used identical trucks, they could get different results just on THAT aspect. But it was close enough I guess.
Their results were that in lower speeds, its better to have the AC off, windows down. Higher speeds was the opposite. Unless I'm mistaking one show for another, their reason that when the air comes into the back of the car, the air pushes against the back window within the cab, which makes the car work that much harder. Fact is that the faster you go, the more friction comes against the car proportionately. This means the faster you go, the harder the car has to push to get through the air. With aerodynamics in mind, with the windows up, the air has a `smoother` surface to run across and won't push against the car as much. With the windows down, the air gets into the cab then pushes against the back window, which makes the car have to work harder.
So AC on or off, highway speeds, windows up. In town driving, weigh the cost of saving gas against a disgruntled passenger.