Sorry moleman and walter, your arguments are unsupported. Physics whiz is correct.
1. Show me the mechanism by which your feet are "propelled by the belt" in a way that a road doesn't. (I assuming you are not holding onto the handrails!)
2. There is no appreciable change in vertical or horizontal components. You are not simply jumping up and down on a treadmill. If you're moving at 10 MPH on the ground you are applying a certain force to propel your mass forward at that velocity. Asssuming you are keeping the same stride rate, you must apply that same force on the treadmill or you will eventually fall off the back.
3. As a "science guy" I have always been interested in quantifying things. I HAVE compared HR monitor readings and other types of workouts on the track to the treadmill. As I stated, once the treadmill is calibrated and the wind resistance corrected for, I found the correlation to be spot-on.
You guys need to take a physics course. Science is good.