It just raises the shift points of the transmission. Whether your MPG will improve or not, has more to do with your general driving habits and the conditions the vehicle is operated in, then if the engine revs a bit higher before shifting to the next gear.
You could spend a month driving without it turned on, and then a month with it turned on (assuming you drive generally the same for both test periods) and decide for yourself.
Finally, you can leave it turned on indefinitely, and it won't hurt anything.