Odd. My physics teacher gave me a run-down on power efficiency; he gave the same numbers for internal combustion & power plants, but listed photosynthesis as less than 1%, because so much of the incident light is just reflected.
Also, fuel cell manufacturers (not internal combustion, electrochemical fuel cell) list their products as 75-80% efficient on their websites. If my number was bogus, sue the manufacturers. I agree that actually burning the fuels is horribly inefficient, but you can convert a lot of chemical energy directly into electricity by using catalytic electrodes. If you recycle the (reasonable) amount of waste heat in a more conventional boiler, you can break 75% efficiency even with a multi-fuel cell, which is less efficient and powerful as the catalyst isn't tailored to the one reaction.