I notice a reduction, but not a significant one. When I put two bikes on the rack (also more weight in the car from an additional body and gear) I notice more of a loss, but that's when I'm being pretty anal about MPG. With just the rack on+bike I notice very little loss of mpg, and if I were to quantify it I'd say just a few mpg at the most. The small loss in mpg is why I got a T2, and the fact that I can take it off easily is a big bonus.
On the other hand, given a real small vehicle (civic?), I could see the T2 with a bike adding significantly more drag to the vehicle. It's something you'd only experience at highway speeds, but given that a fairly large bike would extend into the slipstream pretty far, I wouldn't say it's impossible to see a more significant loss. Most of us get the T2 because we realize our vehicles will create an area of seperated-airflow behind the vehicle where it doesn't really matter what you add, because the drag is already there and an object in that area doesn't contribute to more drag.
Maybe think hard about your driving habits? I tend to need to get to a trailhead when I have the rack on, and for big group rides if I'm a little behind I tend to drive faster, which eats LOTS of fuel with a turbo-car, so it's not really indicitive of the drag caused by the bike or rack.