The comment from Adam above convinced me to benchmark it. Using https://twitter.com/status/mentions.[format], I found that simplexml_load_string() is SLIGHTLY faster than json_decode(). But the difference is practically a margin of error.
Test #1 time (xml): 3.75221395493 seconds
Test #2 time (xml): 4.1562371254 seconds
Test #3 time (xml): 3.60420489311 seconds
Test #4 time (xml): 3.85622000694 seconds
Test #5 time (xml): 3.89622211456 seconds
versus
Test #1 time (json): 4.53225803375 seconds
Test #2 time (json): 4.06823205948 seconds
Test #3 time (json): 4.03222990036 seconds
Test #4 time (json): 3.80421590805 seconds
Test #5 time (json): 3.88022208214 seconds
on the following code (where I've already curl'ed the data to a file, data.[xml,json]).
<?php
$test = 'json'; //xml or json
$data = implode(file("data.".$test),"\r\n");
for ($t=1; $t<=5; $t++) {
$start[$t] = microtime(1);
for ($i=0; $i<3000; $i++) {
if ($test == 'xml') $xml = simplexml_load_string($data);
else $json = json_decode($data);
}
$end[$t] = microtime(1);
echo "<p>Test #{$t} time ({$test}): " . ($end[$t] - $start[$t]). " seconds</p>";
}