it depends on the render engine of course, but especially for raytracers alpha channels are often very slow to render. A while ago I had to do a landscape animation and for distant populations (not TG, was Cinema4D) I simply turned the alphachannel off, this saved a lot of time. This is especially true if you have global illumination turned on.
And often its still faster if you use a slightly more detailed leaf, just so that it is not just a square, as long as you can turn of the alpha.
But of course you always have to keep memory in mind