Partition switching is a schema-only operation - i.e. only the pointers to the actual physical location of data are changed, no data is actually moved.
However, indexes must be aligned with table partitions for the operation to succeed - both on the source table as well as the target table.
What exactly do you mean by "efficient"?
ML
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Matija Lah, SQL Server MVP
http://milambda.blogspot.com