I started to make this post, deleted it because I didn't like it and now inspired by the knot myths thread, I brought it back. I'm still making it a separate thread to avoid having a possible discussion interfere with the myth thread too much.
Wikipedia actually has this covered
pretty well. Since Wikipedia evolves I will quote it:
There is sometimes confusion about how much theoretical mechanical advantage is provided by the trucker's hitch. If the trucker's hitch were to be used as in the pulley diagram at right, to lift a weight off the floor, the theoretical mechanical advantage would be only 2:1. However in the common use of the trucker's hitch, a static hook, ring, or rail, serves as the lower pulley, and the rope across the top of the load is the portion being tensioned. Thus, the standing part of the rope is represented by the top anchor point in the diagram, and the theoretical ratio is indeed 3:1 when the working end is tensioned. That is, in a frictionless system, every unit of force exerted on the working end would produce 3 units in the standing part of the rope over the load. In the typical use of the trucker's hitch, where it is used to tighten a rope over a load, when the end is secured to the loop of the Truckers hitch and let go, the tension in the two segments of rope around the ring will rise 50%, unless the rope slackens when it is being tied off, in which case the tension may drop to any value or even zero if enough slack is allowed. But when the trucker's hitch is used as in the diagram, after tying off, the load on the attachment point above the top pulley will drop to 400 lb and the tension in the two lines going to the lower pulley will not change.

The image is here (until I figure out how to attach it inline)
http://en.wikipedia.org/wiki/Trucker%27s_hitch#/media/File:PolispastoLbs.jpgFirst I hate the word theoretical here because it implies that theory and thus the theorists know nothing about friction, which is false. "Theoretical" in such contexts just means using the simplest theory that describes the fundamental properties of interest.
The point though is
you get 3:1 "ideal" advantage on the end you are pulling away from,
BUT I have often seen it claimed that you get a 3:1 advantage
for lifting the weight on the end you are pulling towards (a scenario I've even seen extolled as a brilliant use for this knot with its 3:1 lifting power), and this is just false.
Then you get an ideal advantage of 2:1. So when people say this hitch is 2:1 and you feel tempted to correct them, think about qualifying the correction a little.
If you are really moving something, like really pulling a line in against frictional force, then these advantages (minus the frictional losses in the knot) help you greatly to do work. Wikipedia correctly points out that if you are just tying something off to hold tension on it, you have more considerations. Obviously once you tie off the knot must be equally tight either direction so some equilibration occurs. The lifting scenario includes a constant source of force and so that will be the total force after tie-off.
As the article says, realistic use often involves tying two rails or such together to maintain tension between them. The only constant source of force is the elasticity in all of the elements involved, the rope in the knot, the rope beyond the knot if it attaches far away, and the elasticity in the objects to which you've attached. These elastic forces depend on length and length of stretch (the latter being proportional to the former for a give tension). I think it's a little more complicated even than that article makes it out. If the knot is long so that the ends are attached closely to rigid objects, then it can depend on exactly where and probably to which lines you make an ideal tie off (weld, then release tension) but it also should depend on the relative elasticities of all elements involved, the rope, and the things you tied to.
For instance if there are long ropes on each end of the knot, then the equilibrium of stretch achieved in the short knot ropes matters very little but the equilibrium of stretch between the two extending ropes becomes the main factor in determining the final tension, and they will balance somewhere between the 2x and 3x spring forces to which they were initially loaded. In fact in this particular ideal case, if they are the same length and same rope types, they will equilibrate at 2.5x. It's true that the way the trucker's usually tie it, the 3x end is long and and flexed and the 2x end is short and rigid, and in this case you can expect to equilibrate fully at 3x (2.999 or so), so yes, the two 2x ropes will increase 50%, stretching to match this tension level. If instead the 3x end is secured to a rigid object and the 2x end to a long rope (spring), then you will get the 2x result again.
All the more it is becoming important to use the term "ideal" instead of "theoretical". To achieve 3x after tie off (and tying off is part of the knot) even for a frictionless scenario, you really need to use the knot precisely as it was intended to be used, including orientation and having a rigid object on the 2x end of the system and a long springy one (rope) on the 3x end.
Trucker's hitch myth 2Once in awhile the idea comes up to use a truckers hitch as a binding hitch, after all it gets a 3:1 advantage right? Well that's the myth. So tie it AROUND something like a sleeping bag and you can get it squished pretty tight. I'm usually not certain what people mean when they talk about this but the simplest picture that comes to mind is tying a loop "mid-line" (end really), passing the other end around your sleeping bag or whatever, through the loop and pulling back away from the end-loop before tying off. This
does produce a pretty tight binding, but then people like to say they are getting a 3:1 trucker's hitch ideal advantage, which they are not. In fact in the "ideal" frictionless situation this hitch gives you NO advantage of any kind over any other wrap of rope around a sleeping bag that you can possibly make. Without friction the loop must stay centered in the direction of pull and every one inch you pull out is one inch less circumference, the worst you can possibly do.
It turns out you
do get some advantages of various kinds in reality.
First you get to use two hands (and maybe a foot) to pull, secure, and tie off the hitch and this actually matters quite a bit.
But the ironic thing is that friction around the object absorbs tension along the rope allowing one end to develop more tension than the other (it's almost like creating an anchor point somewhere on the back side of the sleeping bag). With that friction you now can pull to the side away from the end-loop and then you are gaining up to an ideal advantage of 2:1 (I'd guess 1.1 to 1 is more realistic) against the end loop, and it does pull around some as you do it (a requirement for any mechanical advantage is that you pull farther which this effects).
This advantage has only a little to do with the trucker's hitch though and nothing to do with the 3:1 ideal, since as we've seen, in the ideal situation you get nothing, 1:1, and unlike for the normal trucker's hitch, here friction actually is a required element in generating the advantage instead of reducing it. Finally the high level of friction passing through the loop at 180 helps greatly to secure the gains while tying off. You can use a foot and two hands to pull, yet hold off the gains with one hand while you tie with the other. This is a big deal compared to trying to find a third finger hold down a square knot (poorly).
You
can get a real trucker's hitch advantage in binding a sleeping bag, but to do it you need to tie one end loop, wrap the rope maybe 3/4 of the way around the bag, tie a midline loop, and then continue around the bag, through your end loop, back through the midline loop , and out (zig zag zig), tying the trucker's hitch not around the bag, but as a closure between the two ends of the ring. There is another way to get advantage around the bag though, just wrap around twice. You have twice as many ropes holding the same linear pressure so they need only half the tension (and twice the pulling distance). The number of turns that actually work for this are limited by friction, but anyway, it's not clear that the double-loop trucker's hitch closure is a much more efficient use of rope than just going around the bag twice and then, sure, using the single loop to get you that friction assisted gain at the end.
--edited for some clarification about the tie off scenarios--