Larry Phillips/NX-01 is correct...
The Mythbusters actually tested whether or not having the tailgate down on a truck produced better gas mileage then keeping it up...
They started testing by having two F-150's (exactly the same options, etc) both filled with the same amount of gas, and drove them until the gas had run out. The truck with the tailgate up went 30 miles farther than the truck that had the tailgate down...
The next test was to see how this was possible. They built a tank with water circulating around it, and then put particles into the water. There was a scaled version of a F-150 sitting in the flow, and you could see the particles flowing over it (simulating a wind tunnel, but with water)...
They first put the tailgate up, and then down...
With the tailgate up, an initial vortex forms, and remains in the bed of the truck. This vortex causes all the subsequent wind to clear the tailgate...
With the tailgate down, the particles would go over the cab, and hit toward the middle of the bed (no vortex) This causes drag, and thus the potential for less gas mileage...
It was pretty interesting because I always thought having the tailgate down reduced the drag due to the wind hitting the tailgate, and the result would be better gas mileage...
The same principle can be applied to the Tonneau Covers as well. Without the vortex, the wind will hit the middle of the Tonneau Cover causing the drag on the back (maybe a spoiler would help here???)...
Mythbusters Rule (awesome show)!!!