[eluser]xwero[/eluser]
Of course it will affect your performance if you compare it to static content. If you want a faster view rendering you can make your view files language pendent.
Code:
// en_home.php
<h1>Welcome</h1>
// nl_home.php
<h1>Welkom</h1>
The language segment of the url defines the view file that need to be called. The downside of this method is you have to repeat yourself. If there are changes you have to make them in all language files.
So it's up to you to decide what is more important; faster rendering or maintainability.