Ijuin,
The following information comes from hazy memories of Year 12 physics, and may be out of date or simply incorrect. But this is the basis for my idea
The transfer of energy from petrol to motion was something like 25 -35% efficient. The transfer in a generator was in the order of 60 -70%(although if you could use a jet APU, I believe that's in the low nineties!), and an electric motor about 80%. So if these figures are right, you could expect to have a more efficient conversion in a hybrid.
Plus, you get other fuel savings in the simple fact that an engine driving a generator need not be terribly large to provide enough energy to drive an electric motor.
Incidentally, my Dad thought of something - shock absorbers are another area (like brakes) where you are trying to scrub away waste energy. The idea of regenerative braking got him to thinking - could you use the shock absorbers to drive a pump, say, for an air conditioner?