After reading your post I decided to do a run thru of the delta labs bit I did in high and low quality. I tried with and without the ETC1 compression and cache but didn't see any noticeable performance improvement. So next I ran the timedemo and got 16fps for with the compression and cache settings and 17.4 without it. So its a pretty minimal difference at best. I checked the flashlight too and it seemed ok with my note 2, I guess that could be a bug. Let me know if the results are about the same for you too.
It sure is