There are a number of things which effect fuel consumption.
Engine RPMs,
Engine Manifold Pressure
Altitude
are the three I consider (there may be more, what do I know?)
On the E6B, each plane (well, all the planes that I fly anyhow) has a list of settings for the RPMs and MP. Using these as a guide, you can experiment with getting the best performance/milage combination.
The Differences can be staggering. At 7k, the Yak-9U adds 10 minutes to its flight time by switching from MIL to MAX Cruise settings. So typically, I'll climb to 7k at MIL, then switch to MAX Cruise (MP=31, RPM=25) on the way to the fight. When I get to the fight obviously, I crank it back up to MIL, but once clear of the fight, I can again reduce to whatever RPMs/MP settings I need to get home.
Another example of the effects of the new Fuelburn model, is what I posted last weekend with the FW190A8. Using MIL (With WEP after 25k) You can take an A8 to 30k, and still have 44 minutes of flight time at that alt. This is pretty cool, considering that the 190A8 starts out with 44 minutes of flight time on the deck. The difference in fuel consumption between the altitudes is THAT significant.
Fuel spend on Climbout can be seen as an investment, which give you returns once you reach that alt.
-Sik