It it probably slower, yes, but the programming time saved by using objects in the long run is by far worth the extra load that may be placed on the server. Unless you are doing development for a very high traffic site, I would not expect you would have a problem. If you are developing for a high traffic site, I bet you have the funds to purchase more ram/cpu as your site requires them.
In my experience, objects have not caused any noticable speed or resource problem. I highly encourage their use.
If you really like the object design concepts you may want to look into jsp, which is what I have "graduated to" more recently. The objects are compiled at first page runtime. One great feature is you can have request, page, session, and/or application wide objects.
-Pete