From my experience, I'll go with readability over "performance". We came a long way from the days in which we had to consider shifting a number right or left instead of multiply or divide by 2.
Having said that, back at Uni we had to solve the Eight queen puzzle recursively. Once done, I figured I could run it for any board size really. I think the recursive method crashed on a 11x11 board if my memory serves me right (pun intended). Since I had an iterative solution as well (they are quite equivalent really), I decided to run that one, and could easily solve much bigger boards with no problem.
You could benchmark til your happy, and argue until your fingers bleed on the keyboard, but in the end it usually doesn't matter. If your solution works, use it. If you think you might run into memory issues because the recursion keep allocation new memory on the stack, go with iterative. In either case, having readable code will serve you better in any case :)