JD - the 1hr TT/2hr road thing seems to be an accepted "fact" but I have no idea if there is any real science behind that, but the sustained effort maybe the reason. you freewheel much more when road riding which is minimal when turboing.
as for whether TTing is worse or better than road - that depends on the rider. surprisingly, quite a few top triathletes now do more training on the turbo (usually top end ones like the Computrainer) than they do road riding. for flat TT courses and similar, they can develop their power output on the turbo so have measurable stats when hitting the race on road. Rosey is a big advocate of this and guys like Andy Potts (former world 70.3 champ) do this. and I guess if you are time poor, or the weather is being typically British in winter, then it's a great way of getting some structured training in without worrying about rain, wind, traffic, debris, potholes, punctures etc - save that for race day!