I've been using papervision for a short while now and have been very impressed so far (hopefully soon I"ll upload some demos and code), but in the meantime I wanted to look at the performance of the new Billboard rendering and see how much (if any) overhead there was.
After examining the code at http://www.sebleedelisle.com/?p=157 I ported my AS3 3D Sprite Flies demo to Papervision using the builtin Papervision3D Billboard rendering and the results were very encouraging. The Papervision version doesn't behave exactly like my 3D Sprite engine version, I think this is due to difference in units and needs number tweaking, but I didn't bother with that for now, just adjusted it a tiny bit to make it look roughly the same in terms of pixel coverage (also couldn't figure out how to rotate the papervision billboards, dont think you can). But most importantly the performance seems identical, which means the
Papervision Billboard system is very efficient and does not have any
overheads.