Dean Wilkinson wrote:
The increased fuel efficiency of the 777 engines is not strictly due
to their size. They are a newer generation design with very high
bypass and advanced FADEC controllers. The 747 engines are an older
design. Also, the 777 is a more aerodynamically efficient airplane
than the 747.

The other big advantage of two engines vs. 4 is cost of ownership in
terms of maintenance and spares. Its less expensive to maintain two
engines per plane than 4. Also, statistically speaking, the
probability of an engine failure per flight hour is lower for the 777
than it is for the 747 since it has fewer engines to fail. Believe it
or not... this was demonstrated to me when I worked at Boeing on the
777 development.

True, but the probability of losing all of the engines at the same time
is greater with only two engines as opposed to four.

Matt