The "greater processing efficiency" benefit is largely a myth. It will only be true if the query is reused while it is prepared (which only lasts at a maximum, the length of the connection, i.e. one hit in most cases).
Also, MySQL has a query cache which is severely adversely affected by parameterised queries - if you use the parameterised query API (e.g. through PDO or mysqli), then it effectively bypasses the query cache.
The MySQL query cache caches complete queries and their entire results - it does this by checking the entire SQL statement - if it is exactly the same, it will then serve the results from the cache, without even parsing the statement. This is extremely good for web apps which often execute the exact same query again and again (MySQL automatically knows if a table has changed in the interim).
Parameterised queries can't use the main mysql query cache, hence can be a lot slower (They can still benefit from other optimisations, such as the tables already being open or the OS caching parts of the DB in RAM)
(NB: Above is approximately correct for MySQL 5.0, in all other versions results may vary; I expect a cleverer cache may be added sometime to a newer version).
Mark