For six form fields, it took 500ms (according to firebug's profiler) to initialize on a 2.4ghz core 2 duo. Granted, I'm using Firefox 3, and not 3.5.
I'm assuming that this scales linearly with each form element that this trick is applied to, in which case a page with 12 form elements would take 1 full second to initialize the javascript.
I'd stay away from this if you have more than two form elements using it. It's bound to slow down the user experience unbearably.