We ran into a similar problem when we switched from Cordova 2.1.0 on PhoneGap Build to using Cordova 2.2.0 with XCode and found a SIGNIFICANT performance decrease; our application was easily 1/5 to 1/10th the original speed in terms of responsiveness to UI operations.
We found that all plugins are enabled by default in XCode and were able to get performance back to the appropriate level by disabling unnecessary plugins, especially the Accelerometer. See http://iamcam.wordpress.com/2009/10/29/phonegap-up-to-speed/
Prior to disabling the plugins (the quick and easy solution), we spent considerable time cleaning up our code (the difficult but worthwhile solution). Specifically:
-Added 3D Transforms to items we knew we would manipulate (forces hardware acceleration; significant performance gain for some operations) and hardware-accelerated scrolling (-webkit-overflow-scrolling: touch;)
-Removed extraneous calls to get object position and offset (significant performance gain for some operations)