The round trip efficiency of electricity to hydrogen to electricity is 7%.
Where on earth do you get this number.? Using currently available commercial technology it is easily 30%, and best available technology is >50%.

http://www.siei.org/efficiency.html

This is where the 7% number came from. I'm not surprised the best available commercial technology can do better but it was the only number I knew.

70% is a more reasonable efficiency for an electrolyzer.  Vehicular use requires considerable energy for compression; I recall a figure around 20% for this, so the total production efficiency of compressed hydrogen is (.7/1.2)=58%.  A 40%-efficient PEM FC yields throughput of about 23%.  Power conditioning will cut the yield from the AC line further.

Li-ion batteries are about 90% efficient, so they can yield about 4 times as much useful work per unit of input as a hydrogen system; on top of that, we already have all the infrastructure we'll need for years.  Hydrogen is a boondoggle.

We just need the litium...