There is a significant cost per model draw call. Thus, you're more likely to be faster when drawing the same number of polygons in fewer calls.
However, in a case like this, the actual number of polygons doesn't matter; there are too few of them. Measure, instead, 100 draw calls of 100 polygons each, or 1 draw call of 10,000 polygons -- the latter will be measurably faster.
Jon Watte, Direct3D MVP
kW X-port 3ds Max .X exporter
kW Animation source code
