what happens to NSLog info when running on a device? Where does the text go? Does it get saved? Is it therefore a big overhead when running on a device, or does it effec
The text is logged. You can view the logs in xcode via the (almost-invisible) disclosure triangle in the Devices window as described in another answer.
You can also access the logs in a more usable view (including filtering) by opening Console.app on your connected Mac and selecting the device on the left.
There will be some overhead with logging, but considering the volume of logging that's going on all the time in recent versions of iOS, unless you're generating an awful lot of output (or spending time generating the messages), it's unlikely to be significant.