I've not been profiling the shaders for a while now, and this could may well be true now - the original shaders were written targetting arm6 (gles1.1) which didn't support any other forms of shaders. IIRC, when I profiled on iPhone4, I don't think there was any noticable difference between these and GLSL shaders, and the shaders were ROP (blend) bound rather than instruction bound, so any GLSL shaders would have made absolutely no difference there.
But that was a long time ago - I'll look at these next time I get a chance. I would personally prefer to have GLSL shaders instead of this fixed function monstrosity
