If you use *{ transition: all 0.25s linear; }
it means that every element in your website will have that property, whereas targeting the element you'll be animating will only apply to that element. For example .animate{transition: all 0.25s linear;}
If your question is about performance, then *{ /* style */ }
is by far the slowest.
ID's are the most efficient, Universal are the least:
#main-navigation { } /* ID (Fastest) */
body.home #page-wrap { } /* ID */
.main-navigation { } /* Class */
ul li a.current { } /* Class *
ul { } /* Tag */
ul li a { } /* Tag */
* { } /* Universal (Slowest) */
#content [title='home'] /* Universal */