lualatex -- 1 second
xelatex -- 1.2 seconds
pdflatex -- 0.43 seconds
So I totally retract my concern about lualatex being slower than
xelatex. In fact it's about the same or faster
in this benchmark. That said, pdflatex is noticeably faster than either.
I seond the previous arguments for switching to lualatex rather than xetex : the former is officially the heir apparent to pdftex, while the latter is bound to become an historical, then unmaintained, then paleontological piece of software…
And, yes, supporting Unicode is a necessity. Unless you insist on ressurecting the horrors of codepages or EBCDIC…
Of note : using TeXLive setup, I noticed that the most important slowdown of lualatex seems to originate in the first use of a given font in a given document : lualatex seems to compile a file of font metrics, which is lengthy, but is re-used in following recompilations. This compilation is especially long for math fonts, which have a few thousands of glyphs/symbols (rather than a mere hundreds for a vanilla alphabetic font. And don’t get me sarted on hanzi or kanji fonts…).
ISTR that this “font metrics caching” can be directed to be shared for a whole directory, subtree or even globally, bu, my head on the billot, I couldn’t remember how… Maybe Doris migh be more helpful ?