I have written a couple layout files where I used the layout_weight attribute to create a ratio between different views.
At some point, I start getting
I think (and I will probably be flamed for this), but again I think my phone has a quad core processor to rival (if not utterly destroy) most peoples home PC's.
I also think this kind of hardware capability is the future of phones.
So I come to a conclusion, that as long as you are not getting carried away with nesting (in MHO a layout should never be more then 4 levels deep, and if it is you are probably doing it wrong), your phone could care less about having weights.
There are many things you can do that will have a much more far reaching effect on performance, then worrying about your processor doing some extra math.
(please note that I am being slightly humorous, and so not to take anything too seriously from this post, other then the idea that there are other things you should optimize first, and that worrying about a 2-3 level deep weight is not helping your health)