Although I would have to agree with you that Jelsoft did an excellent job with performance in vBulletin (compare MediaWiki), I must also say that at least running MySQL 5.0.27, having developed a number of hacks using the Pre-Process hooks...
I have tested the page on my server (your server will definitely have different results) with the hooks enabled and disabled, only running this particular hack.
Processing times at average peak performance for each has revealed the following:
disabled ~ 0.002 + enabled
With the hooks disabled, times have been known to dip (extremely rarely) to the following results:
disabled + 0.001 ~ enabled
The difference as you can see is minimal in terms of time efficiency. In terms of server load:
disabled ~ 0.50 + enabled
and there is not the rare occasion where disabled dips lower than enabled.
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