Natural Language to SQL (NL2SQL) technology empowers non-expert users to query relational databases without requiring SQL expertise. While large language models (LLMs) have greatly improved NL2SQL algorithms, their rapid development outpaces systematic evaluation, leaving a critical gap in understanding their effectiveness, efficiency, and limitations. To this end, we present NL2SQLBench, the first modular evaluation and benchmarking framework for LLM-enabled NL2SQL approaches. Specifically, we dissect NL2SQL systems into three core modules: Schema Selection, Candidate Generation, and Query Revision. For each module, we comprehensively review existing strategies and propose novel fine-grained metrics that systematically quantify module-level effectiveness and efficiency. We further implement these metrics in a flexible multi-agent framework, allowing configurable benchmarking across diverse NL2SQL approaches. Leveraging NL2SQLBench, we rigorously evaluate ten representative open-source methods on two datasets, the BIRD development set and the ScienceBenchmark development set, using two LLMs, DeepSeek-V3 and GPT-4o mini. We systematically assess each approach across the three core modules and evaluate multiple critical performance dimensions. Our evaluation reveals significant gaps in existing NL2SQL methods, highlighting not only substantial room for accuracy improvements but also the significant computational inefficiency, which severely hampers real-world adoption. Furthermore, our analysis identifies critical shortcomings in current benchmark datasets and evaluation rules, emphasizing issues such as inaccurate gold SQL annotations and limitations in existing evaluation rules. By synthesizing these insights into a unified benchmarking, our study establishes a clear reference point for fair comparison and serves as essential guidance for future targeted innovation in NL2SQL technology.