We're using less on a pretty large project (our compiled css is around 9k lines -- and we've gone to considerable lengths to keep it minimal). On Chrome, running off a local server on a fast laptop, less.js compiles our less files in about 600ms. On Safari -- everything else the same -- it mysteriously takes 5s (!). On Firefox 4.3s (!). It takes a stupid amount of time on my iPad 4th Gen. This is significantly worse on a slowish network.
Precompiled, the CSS loads effectively instantly on all browsers.
It's worth noting that whatever optimizations Google is doing in V8 are markedly superior for less.js than Safari and Firefox's engines, but here's the kicker:
Until recently our less compilation was sufficiently fast as to not be perceptible on all browsers (including Safari on iOS). We made some change, we don't know what that is slowing it down. If anything our less files have been getting smaller not larger (we have a guy dedicated to CSS optimization).
We cannot figure out any way of getting useful information out of the less compiler.
We contemplated trying SCSS/SASS instead, but it seems like everyone is switching from SASS to LESS, so I'm guessing the grass is no greener on that side of the fence.
I'd say that if you're interested in mobile clients (iOS in particular), avoid less.js like the plague.