In terms of actual increase in exercise performance, this is worth a read: Note that coffee is not considered beneficial, but straight caffeine is. An caffeine weighs less…
"The position of The Society regarding caffeine supplementation and sport performance is summarized by the following seven points: 1.) Caffeine is effective for enhancing sport performance in trained athletes when consumed in low-to-moderate dosages (~3-6 mg/kg) and overall does not result in further enhancement in performance when consumed in higher dosages (>/= 9 mg/kg). 2.) Caffeine exerts a greater ergogenic effect when consumed in an anhydrous state as compared to coffee. 3.) It has been shown that caffeine can enhance vigilance during bouts of extended exhaustive exercise, as well as periods of sustained sleep deprivation. 4.) Caffeine is ergogenic for sustained maximal endurance exercise, and has been shown to be highly effective for time-trial performance. 5.) Caffeine supplementation is beneficial for high-intensity exercise, including team sports such as soccer and rugby, both of which are categorized by intermittent activity within a period of prolonged duration. 6.) The literature is equivocal when considering the effects of caffeine supplementation on strength-power performance, and additional research in this area is warranted. 7.) The scientific literature does not support caffeine-induced diuresis during exercise, or any harmful change in fluid balance that would negatively affect performance."
and this:
"The effects of caffeine on exercise performance have been well documented, with most reviews focusing on the metabolic, hormonal, and/or central nervous system effects. However, caffeine's effects on ventilation and pulmonary function are often overlooked. Studies have shown that caffeine is a strong ventilatory stimulant, increasing the sensitivity of the peripheral chemoreceptors in untrained subjects and increasing exercise ventilation at all workloads in highly trained endurance athletes. The consequences of increased exercise ventilation could hold either positive or negative effects for exercise performance. Anti-inflammatory and bronchoprotective effects of caffeine are great enough to consider its efficacy as a possible prophylactic antiasthma treatment. Although an upper urinary concentration limit exists for caffeine with international sports doping control agencies, caffeine's universal accessibility in the marketplace has resulted in its daily use being increasingly more socially acceptable as an ergogenic substance for sport and exercise."

