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It depends in part on what you're doing, but in general Java and LotusScript are about equivalent in terms of performance. Do whatever you can develop faster (i.e., which one has more bits you can steal instead of writing yourself?).
If you're really concerned about performance, see whether there's a way to do what you want using macro language in computed or computed for display fields on the form. Macro language tends to be much faster because the server doesn't need to load an agent execution environment each time.
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