I have heard a lot of discussion of the options... fueled by DOE and the vendors. But I haven't heard of many people investing in new motors SOLEY for the improved efficiency.
A quick rough calc on annual benefit of 1% efficiency improvement on 1000hp (750KW)motor operating 7000hr per year with cost of power = 2 cents per kw_hr (20 Mils/Mwhr):
1% * 750kw* 7000hr/yr * $0.02/(kwhr) = $1,000 per yr.
If you invest approx $150,000 in a new 1000hp motor, you might hope to gain at most 5% efficiency or $5,000/yr payback... not a very good return. Also you can scale up the savings if cost of power is higher etc. It doesn't look like a good payback to me.
You MIGHT expect higher reliability out of the new motors.... so that needs to be factored into your decision.
One trap is that higher-efficiency motors typically have lower rotor resistance hence lower slip and operate at a sligthly higher speed. Since power is proportional to speed cubed, a small increase in speed can result in larger increase in power consumption. If the extra pumping power is unneeded, it will likely be gobbled up by system throttel valves etc... amounting to a waste which eats of some of the savings (unless you trim impellers or adjust fan blade pitch).
More savings can be gained by adding variable speed drive. Doesn't help in case of constant-load motor (like nuke plants)... there all you need to do is trim the impeller. Once notable exception is circ water motors. The system demand does vary seasonally and overall plant efficiency is affected by delivering precise right amount of cooling (too much cooling flow not only wastes electric power... it decreases net electrical output of the plant).
Lots more info in IEEE739 and NEMA MG-10.