In your specific example, your first example of
$('#something div.else');
gets optimized through Sizzle (which is delivered within the jQuery lib) into
$('#something').find('div.else');
without that optimization, it would be slower, since the selector engine sizzle does work from right to left. So, it would match all divs with the class else and would then check which of those has #something as parent.
edit
The Sizzle optimazation is slower
anyway, since it took a while until
that task is completed and some
functions are called on the way
In general, using jQuery functions is a lot faster. For instance jQuerys .eq() function will use an array slice to reduce a wrappet set of jQuery objects, whereas :eq() selector will invoke sizzle.
If in your example, div.else elements are direct children of #something, .children() will beat .find() since .find() will also lookup all descendants (and their childs).