If I have a CSS class which I only ever apply to form elements, eg:
Which of these two jQuery select
The first example goes a LOT faster when used with a context. The second example goes faster as well, but not by much. I expanded your example to compare with a context:
http://jsbin.com/uluwe
form.myForm IMO is much quicker as it only needs to be look at a subset/filtered set of elements and would not need to iterate the whole document.