I have always had freewheeling hubs on my Hilux's, and noticed that they provide a significant improvement in fuel consumption. However as a farmer they were engaged/disengaged almost daily.
On the Land Rover, however, I am told that it makes little difference to the fuel economy.
The issue (as has been mentioned above) is that if the front hubs are disengaged for long periods, none of the components forward of the transfer box rotate. So the oil drains off the upper sides of the components, risking damage (rusting, seizing) from lack of lubrication. Additionally the splined joint on the front propshaft, which slides in and out as the suspension moves up and down, wears unevenly because the weight rests on the top and bottom splines. When rotating, the top and bottom constantly change so the wear is spread evenly around the joint, but when disengaged this is not the case.
Whilst I have no experience of the fuel economy issue, I do have a front propshaft that has a flat spot on the splines (10mm or so lateral movement in the joint), and that vehicle does have freewheeling hubs.
And the lack of handbrake worries me.....

