If your RewriteRules include several is existing file (-F) or is existing url (-U) flags, since those are subrequests, you could see a performance hit. Outside of those, I haven't experienced a situation where several RewriteRules start adversely effecting performance and my current implementation has a good amount.
You can limit the need to iterate through all the RewriteRules by just ordering them in such a way that the more-expensive checks are done later on in the process (if possible), that way earlier conditionals can short circuit out of your rewrite logic and save you the computation of the more expensive rules later on in the process.