Recently Java 8 has arrived and offers a few benefits that can directly impact and improve performance of OpenRefine without the development team having to change our code to improve performance. (something that is still on our road map)
Java 8 offers a new feature called String Deduplication that is available inside the JVM itself. In practice, the performance hit for using it from what I have witnessed is absolutely marginal to none at all.
In order to turn on String Deduplication (and additionally Print the statistics as well in the command console if you desire) you can uncomment and add the following JAVA_OPTIONS to your refine.ini file:
-XX:+UseG1GC -XX:+UseStringDeduplication -XX:+PrintStringDeduplicationStatistics