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in a pure footrace, a procedural application will outperform an OOP performing the same tasks nearly every time. In addition, since PHP is an interpreted language, each class has to be "re-compiled" on every page execution, adding additional overhead. These results are close to my own personal impressions. As Riklaunim13 said, the biggest (feature-wise) CMS will end up being the slowest.
Does this mean that XOOPS is going about the problem "wrong," when there are demonstrably better performing ways of solving the problem? No, because the benefit of a proper OOP design is simplier code maitanence.
To the rest of the dev team - this does raise a good point. What can we do to improve performance of Xoops? Do we understand where the bottlenecks are?