Gillingham et al., observe that the bounce is usually low and depends mostly on cost. You have to consider the cost of the replacement. Funds spent there are not available either to buy more of the same, or in the case of increasing energy efficiency to buy something else that consumes energy.
They calculate that doubling fuel economy in the US will result in an efficiency gain of ~7% with a 2% rebound.
Eli observes that Jevons made his observation at a time when coal was getting cheaper and more was being found as well as increasing manufacturing and mining efficiencies. That is not the case today, either with coal or oil, in fact, increasing fuel economy standards are coming at a time when the costs of extracting petroleum and refining the lower grades that are being extracted are rising. Thus one should on simple grounds expect much less of a rebound.