I was going to start a similar post/question a week ago when I first played with G2, but I just assumed the slowdown was just due to G2 not being optimized yet. Glad to see that others are seeing it and Corona is aware of it.
My situation: I had an in-progress project with G1 that was running smoothly at 30FPS. With G2 it works perfectly on an ipad4 and nexus7, but the FPS drops to 10-20 on an iphone4.
I am not using physics. My project is extremely simple, but I have a large (6x2 screens) main menu that I just scroll around in to test different things.
There is little to no sprite animation offscreen, it’s mainly images and buttons. Interestingly: when I drag the menu, the FPS drops, when I stop scrolling it, after a small delay, it rises back up to 28-30, so I’m assuming the issue is something to do with off-screen culling.
Edit: actually with the latest build I’m noticing a slow down when I have some sprites on screen too. I have 64 sprites on screen, and each has a timer set to control blinking/animation. So the issue may also be with sprites and/or timers.