EFI primarily consists of fuel and timing management. While you can in some areas do better fuel management, with a carb, you can't do any better timing control then you can with a processor.
There are two popular EFI solutions, one being MAF and the other MAP. They both rely on taking various inputs and figuring out how much air the engine is using, from that they figure out how much fuel to use. Contrary to the popular misconception neither is direct reading, they both use calculations to figure out the air being used. There are many subtle differences thou, and as time progresses, I'll be explaining, and comparing them.
In the MAP world there are two catagories, Port and TBI. TBI most closely compares to a carb since the injectors are about in the same location as the discharge nozzles. A key element to TBI is that at low throttle openings, the fuel falls onto the perimeter of the butterflies and the fast moving air shears the fuel into a fine mist. Port on the other hand at low throttle openings relies on the heat from the back of the intake valve to vaporize the fuel. Both share the commoness of reversion from valve overlap helping to vaporize the fuel. Gm has most often used TBI in low RPM truck type applications and port in the sportier models of cars. Next is, how does the ecm determine LOAD. That's just a matter of comparing air consumption, at a given RPM. In the MAF world it's called LV8, and in the MAP world VE. As far as the which is better well there are just facts, as far as which some people perfer, that's opinion. From what I've seen, here's the facts. AND THIS IS JUST THE FIRST PAGE ABOUT THIS, so wait until I say it's finished before jumping to conclusions. For a given processor/ecm in GM world the final tuning steps at 100% load are in 400 RPM steps, The LV8 can only reach a max of 255, in the C3 and P4 series of ecms. Depending on application and tuning that max load might occur as low as 150 gm/sec. Which doesn't allow for much resolution. In the GNs they have the oportunity to set the 255 LV8 value at about 255 gm/sec.. The GNs use the MAF in a pretty clever way, which allows for some stock MAF cars to be running in the 9's, but it's somewhat crude, thou effective. What you can do with most any MAF or MAP system a turbo application is set the WOT PW to say 90% at 5K RPM, and then set the calibration to run that PW as the car hit max LV8/gm/sec.. Then just set the boost low enough to keep the motor out of detonation. The crudness is that the calibration is blind to the amount of boost that's being run. On the other hand with a MAP system, you can taylor the fuel for different boost levels and the timing for those steps. For strickly drag racing applications there's not a huge difference, at the higher RPM. One sticking point at the lower air flows with the MAF is that the sensor is blind to which way the air is actually going, so reversion can confuse it.