http://www.nejm.org/doi/full/10.1056/NEJMoa1103319#t=abstractThe study itself was never about the efficacy of placebo vs. treatment, but the effect of placebo with regard to self-reported results.
The results clearly showed that albuterol worked and the placebo/acupuncture didn't--the albuterol inhaler showed a 20% improvement while the placebo, acupuncture, and no treatment each had a 7% improvement. The drug works whereas placebo and "sham" acupuncture are equivalent to doing nothing...go figure.
The researchers however, were investigating the effect of placebo on self-reporting and found that patients receiving the two placebo treatments thought they were doing better at the same rate as they did when the were actually getting better. With albuterol, patients felt they were doing better, and they were. With placebo and acupuncture, patients felt they were doing better, but weren't.
Although albuterol, but not the two placebo interventions, improved FEV1 in these patients with asthma, albuterol provided no incremental benefit with respect to the self-reported outcomes.
Placebo is no substitute for actual treament--it only fools people into thinking they're doing better.
That's what the study showed. Not that placebo is as effective as actual treatment, but that people think it is.