Created a simple C program and spat out "THIS IS AN ERROR MESSAGE\n" to stderr on my Linux laptop. The message was printed in a loop 100,000 times.
With no redirection, the program took 6,104,888 microseconds. Running with redirection to /dev/null resulted in the program being completed in 23,747 microseconds.
Therefore, the console is really slow, and alot of time can be saved by dumping anything you don't need to /dev/null or (better yet) just not printing it in the first place.