What efficiency? Did you not understand the part where it just conducts through the MOSFET body diodes while the rest of the MOSFET does nothing? The circuit behaves the same if you removed the resistors and zeners and just left the gates floating. Hell, it's behaviour doesnt change if you removed the entire MOSFET as long as you left the parasitic diode there.
The circuit is not doing the equivalent function of a diode-bridge, It IS a diode bridge with a bunch of superfluous components. Those MOSFETs are not operating as ideal diodes.
EDIT: Oh wait, after staring at it a few more times, they are. nvm.