to know is if exit gas temps negatively impact an EPA efficiency rating, then how does one insure heat isn't wasted during the test?
The EPA efficiency rating is *based on* measuring the heat. So it takes into account the loss/waste through the flue. The number is the result of measuring (taking the waste into account).
You *know* how many BTUs go into the firebox.
You *measure* how many BTUs go into your room.
That fraction is the efficiency.
Consider this: look at the heat as a bucket of water.
The EPA (accredited labs) test this by putting the bucket of water in the stove, and measuring how much water comes into the room. If out of the 10 gallons (large bucket ;p ), 8 gallons come into the room, that means 2 gallons disappeared out of the flue.
That's the 80% efficiency of the overall efficiency of the EPA list.
Make no mistake: Masonry stoves are efficient (if operated properly with proper fuel) - no doubt about that.
But as I said, I often run my stove *as efficient as can be* - with flue gases skirting the minimum temperature. You can design any 60,000 ton stove to try to get more out of it, but as bholler says, it's not going to work well if you're below the condensation temperature. There's no way to make that more efficient with my stove. If the gases at the chimney cap are above 230 F or so (strictly 212 F), that's the max one can do for a low burn.
The point is that other stoves are nearly as efficient. And allow control during the burn that masonry stoves don't. That trade of is huge imo. If the sun comes out and heats your home a bit more on a day, you're stuck with the masonry stove radiating and over heating your home. I just dial down my stove.
You said:
" The mass spreads that heat and releases it much slower than a metal stove. To me it makes more sense that a masonry stove stores more heat, and that's what everyone claims."
That is true.
But I don't have to store it as I release it at a lower rate (rather than all in an explosively hot, quick fire twice a day as in a masonry stove). Just another way: either get the heat out of the wood immediately and store it for slow release, or just slowly get the heat out of the wood.
That does not affect how much of the available output is being used. It's just another route, with a "parking spot" for the heat in a masonry stove. That in itself has no consequences for the efficiency.
Finally, note that this is all true for burning low.
When one burns high/hot, the efficiency (of my stove) does not change. But the chimney is hotter. How?
Because the fraction of BTUs produced that go into the room is still the same: a lot more heat coming off into the room, and the same percentage increase in heat going up the flue. One might think "that's more heat going out of the flue with the same load" - but that's not necessarily true, because the burn time is shorter: the hot gases go out the flue for a short time (wood quickly gone), whereas burning low the "warm" gases keep going out for a long time. That equates still about the same heat low through the flue over a full load burned. (As reflected by the similar efficiency of my stove for low and high burns, according to the mfg who quoted independent tests, i.e. not their own data.)