By most measures, .40 S&W is alot LESS efficient than 10mm. That doesn't make it a bad cartridge, however. Read on...
Max .40 S&W loads are at something like 35,000 cup. That is a
true max, which is why hot-rodding .40 S&W is a famously stupid proposition. Full-power
factory 10mm loads (Cor-Bon, Pro Load, Triton, Winchester, Georgia Arms, TAC, etc.) are more like 37,000-38,000 cup. Note that the performance difference is NOT proportional to the pressure difference... 180gr @ 950 ft/sec vs. 1,150-1,320 ft/sec from equal barrels, for instance. More internal volume lets you use a larger charge of slower powder to get more speed with less pressure in proportion to the performance gain, or the same speed for less pressure. A 35,000 cup 10mm load can easily give you more (sometimes alot more) performance than a 35,000 cup .40 S&W load, simply because the internal volume of the 10mm case lets you do things and use powders that you can't reproduce with the smaller, weaker .40 S&W case. The 10mm case is much stronger to boot (designed for something on the order of 50,000+ cup, with a true max for loading purposes somewhere north of 40,000 depending on the gun/load combo involved), which gives you a much larger margin of safety than a .40 S&W does.
In short, 10mm is more powerful, more versatile and more efficient than .40 S&W in every way except overall length. Less pressure to hit a given performance level, greater case strength to allow even greater operating pressures
safely (or vastly greater margin of safety at equivalent loads), and ability to load for bullets up to 220gr (vs. 180 for .40 S&W).
None of which makes .40 S&W a "bad" cartridge. .40 S&W reproduces low-end 10mm loads in smaller handguns (especially smaller gripped), which is a very handy combination. It is not versatile, or particularly powerful, or objectively very efficient in how it does it... unless you consider max loads and a slim margain of safety synonomous with "versatile." But calibers don't exist in the abstract; you have to shoot them out of a gun. With that in mind, .40 S&W has the considerable advantage of letting you make the gun smaller than you could with a 10mm or a .45. With a few exceptions, it has shown that it does so safely.
All of which seems off topic, but really isn't, because .45 Glock does exactly the same things compared to .45 ACP that .40 S&W did compared to 10mm. It has less performance at the high end than .45 ACP, and needs more pressure to hit a given performance level compared to .45 ACP. Those are natural effects of reducing the case capacity. It has the same problem .40 S&W had with heavier bullets that work fine in 10mm (can't really load with them because they take up too much internal volume). By any measure it is inefficient and not versatile. However, it also has the same advantage of being adaptable to a smaller platform, which as .40 S&W sales showed is NOT a small advantage... if it was a small advantage, than 10mm would be available in $12 bulk packs at Wal-Mart, not .40 S&W.
What's the bottom line? If you don't mind a full sized gun, .45 Glock will be inferior in every way to .45 ACP and do nothing for you whatsoever. If you want the biggest bullet in the smallest package, however, .45 Glock looks like it will deliver the goods. And if .40 S&W is any indication, there is a demand for that sort of thing, at least in the U.S. of A.
(Random side note: it might also sell in countries that don't alow "military" calibers like .45 ACP and 9x19 to be owned by civilians).