How to reproduce:

1. Open attached project in 4.6
2. Build to iOS and run
- Note the frame time in the FPS debug window in Xcode
3. Open project in the latest version of Unity
4. Build to iOS and run
- Note how the frame time is 50 to 90 percent larger than in 4.6

By Design:
- One of the reasons of the performance drop is caused by the way Surface Shaders are compiled in 5.0.
- Light calculations are now always performed in world space, allowing non-uniformly scaled objects to be rendered correctly. That results in additional shader operations in the pixel shader.