for the heck of it I did a little test where i logged the reload time of two pages. one with includes and one without. here are my non scientific results.
page with 200 lines of code and no includes:
.007
.006
.005
.007
.005
.005
.007
.015
.005
.005
the same page but i added 10 include files which contain 2,424 lines of code:
.005
.008
.006
.005
.005
.006
.005
.005
.005
.005
I know includes take overhead, but I do not think it is that big unless you are adding 100 include files. i personally like to break it up so that each include is a class. this lets me program in an object oriented style making it much easier to manage the code.
-- disclaimer --
i just started php 5 months ago so i can very well be wrong (though i have been developing for much longer). please feel free to correct me if needed!