Without knowing any more than that, I'm sure all the mpg gains on that Camaro came from the exhaust and the intake (those things increase efficiency by reducing pumping losses). Did they also perform a tune-up that some how wasn't credited for any additional mpg? It is not just a matter of the electric motor being more efficient than the mechanical water pump. Consider the whole system. A mechanical pump is as simple as the pump, two pulleys, and a belt. The electric pump includes an electric motor, a pump, wiring, and an alternator (which includes at least two pulleys and a belt). My bet is the electric system will consume more power to pump the same gpm of coolant. On this note, I'd say it is possible to increase efficiency by reducing the amount of coolant gpm to the absolute minimum required by the engine, but this practice would be risky for obvious reasons.
The "harm" in an electric pump is increased cost, reduced reliability, and increased complexity. IMO, the gain is nothing for a daily driven street car.