Can't claim any skill in the relevant scientific analysis, but just from experience the thing that I find makes treadmill running really hard is the need to concentrate and maintain an absolutely even pace. If you are going at reasonable speed (eg 15-16 kmh), you can't afford to lose your balance or falter or you risk crashing into something knobbly and metallic behind you, which makes it one hell of a mental effort for any length of time. I wonder if that, combined with the absolutely even pace, may even account for some of the greater speed you typically seem to be able to achieve, although from the physiological effects described by those in the know above, which I find in practice, it clearly wouldn't be just that.
Personally I dislike it, but given work commitments it's that or nothing.