All the benchmarks presented here have some flaws, thus results are not reliable.
I was surprised that nobody used JMH for benchmarking, so I did.
Results:
Benchmark Mode Cnt Score Error Units
MyBenchmark.testOld thrpt 20 9645.834 ± 238.165 ops/s // using +
MyBenchmark.testNew thrpt 20 429.898 ± 10.551 ops/s // using String.format
Units are operations per second, the more the better. Benchmark source code. OpenJDK IcedTea 2.5.4 Java Virtual Machine was used.
So, old style (using +) is much faster.