Here's a way of thinking about it. When you put charcoal in the WSM you have a finite amount of energy with wich to cook, but keeping water hot costs energy. Despite my avatar I'm no rocket scientist (*though I do build model rockets with my son), but here's what I came up with from some googling:
Water cannot exceed it's boiling point (in liquid form) unless pressure is applied (superheating) but it's behaviour is to absorb heat until it reaches boiling. My crude estimate for easy figuring is it takes 1500BTUs to heat the water in the standard water pan to boiling point (10lbs of water * 150ºF).
Once at the boiling point, more energy is used when water transforms to steam. This is called the Latent Heat of Vapourization and in the case of water it is 970 BTU's per pound. So, chalk up another another 9700 BTUs per every 5 hours (for 10lbs of water to completely evaporate).
I won't even guess and I don't know how to calculate how much energy is used to keep the water at the boiling point ... but certainly more energy is used keeping the water at the boiling point.
<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content"> All combustible materials have a BTU rating. For instance, propane has about 15,000 BTUs per pound. Charcoal has about 9,000 BTUs per pound and wood (dry) has about 7,000 BTUs per pound. This gives you an idea of how much fuel you'd need to, say, cook something. </div></BLOCKQUOTE>
Taken From Here
If you put 15# of charcoal in the WSM, it only has 135,000 BTUs of fuel to use during the cook. How much of that energy did we use lighting up the charcoal? This is one of the reasons why MM or torch light gives such a long burn from a ring ... we didn't blow 1/4+ of it in the chimney.
We loose heat out of the top, radiated heat from the exterior surface, heat when we 'take a peek' ... it's amazing stuff gets cooked at all!!! lol