An effective dump valve does not operate by vaccum and would simply be a spring with a hard resistance (depending on the application). This way it can be configured (With different strength springs) to release pressure in the intake at a set level (Say 18psi if you're running 15psi).
This method will maintain pressure in the intake but also keep it under tabs by releasing pressure above 18psi (If you think high pressure is bad for your setup). A recirculation valve will work in much the same way by maintaining pressure in the intake, therefore I think it's far more efficient than the usual dump valve!
Unfortunatly most dump valves operate purely by vaccum and open fully to release all air mass. Logic and science would say this is not effective, creating a huge pressure drop by releasing intercooled(cold) air. When the throttle butterfly is opened how can response be better when all the cold compressed air has been blown into the atmosphere?
I don't know about that. The circulating air is probably hotter then the outside temp. So when you circulate it, it will heat up. Also, without a bov, the air inside the ic pipes will heat up. A dump valve will release pressure, but will also keep it at the set level because your turbo keeps the pressure on.
So with a dump valve the air inside you piping will be fresh outside air which is cooler, if you get what I mean.
If you notice the difference is another question...