The horse is still high enough. Twice as high as the pony that fuel cells rode in on, at the least.
Making electricity from a power plant with a traditional thermal conversion cycle (40% efficiency, at best) and making hydrogen by electrolysis (50% efficiency) and using it to power your fuel cell car (again, about 50%) yields
0.4 * 0.5 * 0.5 = 0.1 or 10% efficiency for the fuel that went in. That's half the efficiency of a traditional internal combustion engine.
Efficiency of an ICE averages about 20%. And I'm being generous with that because that does not take into account the losses from refining raw fuels (like coal, which can be burned unrefined).
Not sure what the efficiency of making hydrogen with steam reformation is, but logically you're throwing away a lot of the chemical energy in the original compound, because in a combustion cycle you'd be burning the carbon as well as the oxygen, and if you want the "green" benefits you also have to spend resources sequestering the carbon byproducts so produced. If it's above 80% efficient (which would seem on inspection to be impossible because of the lost carbon), then you have a vehicle that is clean at the tailpipe but just barely more full-cycle efficient than an ICE based vehicle, all other things being equal. Which they aren't because of the expensive platinum catalyst, heavy cryogenic high pressure tanks, etc, etc, etc.
Battery cycle is about 95% efficient. So even if you burn fossil fuels (40% efficiency) and suffer transmission losses (in the US, 94% efficiency), you still get a car that is more efficient than both ICEs and fuel cells.
0.4 * 0.94 * 0.95 = 35% efficiency
So at less than twice the efficiency of ICEs, electric cars are not the magical panacea that they are painted to be, but they are much better than ICEs and fuel cells. The major play available is in the first stage - the electricity generation. When you start replacing those coal fired power stations with other sources of electricity, they start to get much much greener. And they don't demand the construction of an entirely new fuel distribution infrastructure with difficult engineering challenges.
I remain certain in my position that hydrogen energy is primarily an investment of the fossil fuel industry, designed to help prolong the market for "vintage biomass" as long as possible, either by actually putting hydrogen cars on the road, or diverting investment away from battery technology.