Yeah ... I enjoyed "An 11 digit counter may overflow within an hour on a P2/466", too. GNU obviously overclock their hardware, the Wikipedia page for the Pentium II says it topped out at 450 MHz, in 1999.
The GNU version might look intimidating, but I think that's just the code style getting in the way. I'm betting that, compiled to assembler, it doesn't consist of many more tokens than the first version. (Anyone care to test? Don't have a toolchain in front of me at the moment.)
Counter-point: If cat is becoming your performance bottleneck, you're doing it wrong: http://sial.org/howto/shell/useless-cat/
Yes, the GNU version looks dreadful, but I think that really doesn't matter that much.
EDIT: Well, I guess I didn't consider the case where you want to put cat in a chroot jail. On Solaris 10:
$ ldd /usr/bin/cat
$ ldd /usr/gnu/coreutils/default/bin/cat Yikes...