EFI has been proven through the years to produce a more constant (from VERY low temps and altitude to VERY high temps and altitude) and wide power band than an equivalent STREET carb setup.
The fact that the EFI injectors are now placed close to the valve also helps with fuel economy. Computers have also allowed EFI to instantly change tune for max power or max economy.
Carbs, however have shown that for max effort application, they are still effective. They make the same if not slightly more peak HP while allowing the air-fuel mixture more time to mix as it makes its way to the cylinder. Not to mention changing carbs is about ten times cheaper than changing EFI systems.
For racing, I don't think the carb will ever die, but on the street, I will take my EFI any day of the week!