The Freakonomics piece has come up on here at least a couple times in the past. Interesting to note that the discussion so far is friendlier to local food versus absolute price efficiency than past MMM threads.
I write quite a bit about locavorism in my journal and on my blog. We tailor our diets to what can mostly be grown here, with a few exceptions like grain (I buy direct in bulk from a farm co-op a couple states over), plant oils, occasional Alaskan salmon, and occasional out of season or imported produce. I'm still largely at the bottom of the learning curve in figuring out the best times to buy, best vendors/varieties, and what things I'm willing to pay a premium for without compromising our financial goals.
Fundamentally having flexibility/curiosity about your dietary patterns is the key. It's amazing how much food preparation and seasonal knowledge has been lost in just three generations of the supermarket economy. I've learned some things from older family/friends but much of my knowledge has had to be learned via research (cold, dark winter is great for that!)
Things I like:
-Quality/freshness and variety you literally can't buy in the conventional supermarket system. I can't even count the number of compliments I've gotten on the superior taste of things I've served from fresh, frozen, canned, or dried produce at peak (whether we grew it or sourced it)
-100% of the dollars go to the farmer instead of 1/3 or less, which makes small operations much more viable than they would if they had to sell wholesale.
-Many growers here use very low input methods but don't want the extra cost/paperwork of full organic certification. Some of my favorites use IPM, which is the best possible way to grow at commercial scale, pulling the best ideas from both conventional and alternative ag.
-I just frankly ENJOY growing food, shopping at a farmers market, and picking at a u-pick. The main preservation push in Aug-Oct is a bit exhausting but I enjoy it as well, partly because I know just how delicious the products will be.
The manipulation of statistics is such it's hard to ever be confident local is the best choice, but for me the reasons above are pretty damn compelling.