According to the wiki on the subject, electrolysis can be between 50% and 80% efficient. 80% seems pretty decent to me.
Just to head off a possible area of misunderstanding: you do understand that 100% efficiency just means it requires exactly as much energy to split the hydrogen and oxygen as you get back by buring it, right? You can't ever split it without at least putting that much energy into it. This is just conservation of energy in a chemical process: the equation is (note it can go in either direction):
H2O + Energy <=> H2 + (1/2)O2