Here's an example that will hopefully help clear things up.
If the outside temperature is 69 degrees and you have your furnace set to 70 degrees, it's not going to come on very often. This is because the difference in temerature is so small, it takes a long time for the outside temperature to cool the house off just one degree. I don't have the specifics (been out of school for a long time) but the rate of heat loss is determined by the difference between the two temperatures (as one of the factors). So if it's 0 outside, and 70 inside, it's going to start to cool off very quickly. If it's 68 outside and 70 inside, it's going to take much longer because the difference isn't as great.
This basically means that the closer together the outside and inside temperatures are, the slower it will cool off which also means the less energy it takes to keep at that temperature.
Therfor, for any given outside temperature that is less than the thermostat setting, it will take less energy to maintain a temperature that is closer to the outside temperature. So, if you set the thermostat at 68 vs 70, that's not much different if it's 30 outside so you won't save much. if you set it at 60 vs 70, that's a much greater difference and will take much less energy to maintain the lower temperature.
Now yes there is the time at the end when it has to heat back up, but moderm furnaces are extremely efficient and it doesn't cost more to do that final heat up than you saved by not having to have the furnace fire as often during the day.
All the main website (EPA, energystart, etc) state that you can say 2% on energy usage for every 1 degree you set back the temperature. If this was not true, then one would sell or buy programmable thermostats.....
NOTE: THere are other reasons why you don't want to set it back too far but they don't have anything to do with the furance not saving you more money. It's mainly things like appliances, wood, etc don't react well to temperatures going up and down all over the place and getting really warm then really cold etc. To save the most money you could literally turn the furnace off when you left the house and have it turn back on befor eyou come home, but that would cause damage to other thing sinside your house. That's the main reason most people say not to set it down past 55 or so... But you could do it if you wanted to.