I read an article some years back on this, I believe it was written or endorsed by one of the big names in PHP, perhaps Rasmus himself.
Basically, the conclusion was that variables within strings will be parsed slower than variables that are concatenated.
The idea here is that having to parse the string for variables and then expanding them takes additional time compared to simply joining the strings and variables.
I suspect that separating echo statements with commas will not make a difference from concatenation either, for a small number of concatenations/arguments.