I bet that you're talking about the Mojarra implementation (formerly known as Sun RI) since "JSF" is an abstract specification.
If you check the changelogs of Mojarra 1.2, you'll see that a lot of improvements/enhancements have been made with regard to performance. RI 1.0/1.1 was relatively poor in this and with JSF 1.2 they brought some new and talented developers in the team, under each Ryan Lubke who has its focus set on performance enhancements. You can find all 1.2 changelogs at the bottom of the release note of the latest version, such as 1.2_14. Note the ENHANCEMENT
fixes, most of them are performance targeted.
Mojarra 2.0 is just a newer version against a more enriched specification with code which is already written with performance in mind by the same team.