One thing everyone must keep in mind is that not everyone will behave the same way to an identical stimulus. If they did, we would have precise training, learning, and other equations for human performance and other activities.
The first part of science is observation. I am a science guy and as such I love to measure stuff. Over the years I have been very interested in the differences between TMs and overground running. I have made all sorts of measurements on myself including simple perceived rates of work, heart rate values, cadence, you name it. Of course, as both the measurer and the subject, this is not a perfect measurement scheme, but it has been repeatable over the years. I have NOT measured other people on TMs. This much I can say regarding ME:
1) There is no noticeable difference in stride rate.
2) Perceived exertion and HR correlate well to overground running if the TM is set to around 1-1.5% incline assuming overground is flat and calm with similar humidity (and I use a fan for the TM). This is true at a variety of paces from easy down to somewhat faster than tempo pace.
3) It takes some time (weeks) before I am fully comfortable running on a TM (happens every Fall/Winter).
4) I have a much more EFFECTIVE workout on a TM (such as tempos, hills, etc.) than I do on roads with wintery conditions. If I try to go fast on snowy/icey roads the result is disastrous.
5) I much prefer running fast reps on a track than on the TM (even though my TM will go fast enough). I think this has partly to do with some shake in the TM (which tends to increase with pace, esp. once I get down to the low 5's and faster), and partly due to simple fear (going that fast and slipping on the TM would be ugly).
6) The mental aspects of running fast on a TM are a little different than overground but I would estimate them to be a similar challenge.
Perhaps I am fortunate that I don't experience an obvious change in economy or other factors while running on a TM. I accept that this may not be the case for all runners. I am very interested to know WHY this is not the case. What is the physical/mental model that allows some people (like me) to experience little if any difference, and yet allows others (like those mplatt mentions) to experience an obvious difference?
THAT'S the question of interest here, not "Do we count TM running as mileage?"