Actually, while I like a cruise control that holds a very constant speed, I believe it is more economical to let it droop on the uphill and speed up downhill.
Perhaps (for gas cars), but if it's going to be usable in traffic then you have the difficulty of specifying a speed vs. grade curve as part of the standard (so that vehicles can remain in cruise going up and down hills).  Much easier just to peg a speed and hold it.

I get much better economy in the diesel when I hold constant speed up hills, accelerate over the crest and then drop to neutral to coast down.  It would be even more different in a hybrid.  Any specification should probably be written with hybrids or EV's in mind, as everything else is going to be obsolete in a decade or so but we'll be stuck with the legacy standard.