@designcouch - great question - have been thinking the same recently.
On a recent project, I think I broke a new personal record of 3 templates (homepage, grid and text template).
All templates used output modifiers and IF calls using the IF call addon. I've noticed no performance drop, but this may be because i'm using MODX Cloud.
Like @sottwell said, it is almost pride (from my perspective convenience to have a smaller number of templates to maintain), but I have found myself creating duplicate templates and un-doing work to get around Revo Form Customization bugs (contraint fields don't work) which seems a great shame considering the bug has been around for almost a year or so.
My portfolio site was very very slow (uses lots of complex calls and if statements which I'm sure could of been optimised better)...
I used
http://tools.pingdom.com/fpt/ to help analise the performance of my portfolio site (was really really slow) and eventually moved it across to modxcloud.com and integrated it with cloudflare.com CDN. The result was my site loading up almost 4 times quicker than before.
Cloudflare.com is certainly worth a look.
[ed. note: jonleverrier last edited this post 13 years, 8 months ago.]