It's a trade off in all languages. OOP generally has more abstractions than procedural code and so takes up more processor time, but at the same time the end result is generally more reusable code, meaning less development time. It's cheaper to put more memory and faster CPUs in a server than it is to hire another developer so it makes sense to use OOP techniques.
MrPotatoes - if you are that worried about 'core' code being as fast as possible you should be writing a C extension, and not PHP, since compartively PHP is far slower than C. PHP is about rapid application development on the web, a few milliseconds here or there should not really be an issue.
Of course, if you are writing a hugely CPU intensive application...then why the hell are you using PHP? :p