> Another large effect is that low return water temperatures into the boiler allow for greater condensation of exhaust gas energy to be used in the building instead of sent outside.
Correct.
> Walking by my house on a cold day, you’ll see minimal steam plume during operation. All that steam I see my neighbors emitting is energy they paid for and delivered to the outside… (They paid a lot for a boiler with a 95% or 98% sticker and run it at 80% efficiency.)
Please check your assumptions.
A boiler operating in condensing mode will produce a trickle of liquid condensate (that may well be drained somewhere that you can’t see [0]), teeny tiny drops of condensate suspended in gas (colloquially “steam”, but it’s more like fog), and some residual water vapor mixed with the exhaust gasses. You can see the “steam”, but you cannot see that residual vapor except to the extent that it condenses further as the exhaust stream cools after it exits, much as you can see some of your own exhaled water vapor on a cold day as it condenses outside your nose or mouth. The exhaust gas is saturated: it has maximum humidity and is at its own dewpoint, so there is a lot of visible fog. The droplets that form inside the boiler and escape with the flue gas do not represent wasted heat: their heat of fusion has been captured.
A boiler operating in non-condensing mode will produce no liquid condensate, and its exhaust will be well above its own dewpoint. It will contain far more water vapor than a condensing boiler, but you cannot see that vapor except insofar as the flue gas has a different index of refraction than the surrounding air and distorts the background a bit. Depending on weather, a bit of it may condense later. All of it is wasted energy.
[0] This liquid condensate is nasty stuff: it’s basically carbonated distilled water plus some impurities but not usefully buffered, and it’s rather acidic. It will quickly corrode many metals, including copper and many common copper alloys, non-stainless steel, galvanized steel, etc. Non-condensing furnaces and boilers are generally carefully engineered to avoid condensation, because the condensation would damage them. If your plumber is unaware of the degree to which boiler condensate is corrosive and uses copper pipes or metallic fittings (push-to-fit in the style commonly sold as “Sharkbite”), the system will fail. Use plastic pipes (PVC or PEX) and plastic (or maybe stainless steel) fittings such as ordinary solvent-cement PVC fittings, “engineered plastic” PEX fittings, or push-to-connect fittings with plastic wetted surfaces. John Guest makes these, and there is also the somewhat bizarre ProLock brand, which seems to be some sort of joint offering from John Guest and Sharkbite.