From a o2 uptake standpoint the percentage gain is about half of the increase in total hemoglobin mass. So, in modern day where the bio-passport would prevent any huge jumps in Hb, say you increased from 14g/dl to 15g/dl (this all assumes that plasma volume is totally stable, which is a very big assumption and almost impossible...but anyway..)..This would bring about a total Hb increase of 6.7%, so the o2 carrying capacity increase and corresponding power increase would be about half of that, so 3.35%. Of course, in 1996, you could go from 14g/dl to 19g/dl quite easily, yielding a power increase of more like 13%! There is some diminishing return after about 16g/dl however because the red cells become so crowded they can no longer deliver oxygen as efficiently, so maybe "only" 10%.
Ok, so there's the clinical math. One thing not taken into consideration into this is that Hb is a protein that would, in theory, serve as a lactate buffer. So, there is also some undetermined anearobic advantage in addition to just the o2 carrying increase. In a race where repeated anearobic efforts are required and recovery from those efforts are required, over and over, there will be some culmulative advantage as well.
Also, an old Finnish study (if you can find it) found that athletes with higher Vo2 maxes benefitted less from EPO use than those who started with lower Vo2 maxes. The more talented athlete were (generally) benefitting less. Another observation of that study was that ectomorphic body types showed less increase than mesomorphic types. So, the variables on the exact advantage are endless and vary person to person (A BIG counterpoint to the argument that just letting everyone dope is fair). I read this study in about 1995 and haven't seen it anywhere since, so i cant find a link, sorry...
in any case, my guess is, in a 40km time trial scenario, I think the current day anti-doping efforts blunt any advantage of blood doping to very minimal and would be easily displaced by better aerodynamics, training, etc... The risk vs reward would no longer make any logical sense in modern day, if the effort was strictly o2 based. However, in a race requiring multiple anearobic efforts, this advantage would, theoretically, increase. How much? I don't know.
JV