I know that performance needs to be increased and it is on my TODO list for the 2nd next version. However, you really have to compare how much time Radek and I spent on unionfs-fuse compared to the kernel attempts. It is just a lack of my time to bring it into the state where I would like to have it...
But then also on the other hand, I use unionfs-fuse my own self-made ubuntu live usb sticks and I don't see any difference in boot time and application load time between usb-stick vs. usb-stick + unionfs-fuse. I have not tried it on high speed SSDs yet (I simply don't have any).