The SMTP is trained to process mail with multiple recipients. So obviously the SMTP will process BCC more efficient than sending one mail message at a time.
Of course, if you only have 10, or 20 recipients, then the outcome may not matter that much.
In general, the most efficient would be as follow (it does depend on the SMTP server capability also):
- Send mail to recipients with the same domain.
- Put as many recipients as possible together.
I do the same at http://www.bringitlive.com