As far as I can work out the main advantage of larger wheels is that it effectively reduces the size of square edge of bumps. Therefore the equivalent of a 150-160mm 26″ bike would be a 120-130mm 29er and, I’m guessing, 130-140mm on a 650b. So, rolling resistance shouldn’t really change providing the wheel size is compensated for by using the correct suspension settings.
The bottom bracket height can be the same for all three so the question then becomes where your centre of gravity is relative to the height of the axles. Simply put, if you want to sit more ‘on’ the bike and let it move around under you then go for 26″, if you want to sit more ‘in’ the bike with more stability then go for a 29er, and if you want something in between go for 650b.
Does this sound about right or am I missing something?