Some benchmarking (Laziness means I only timed it to the second). Shows explode is significantly faster.
[ul]
[li]100,000 replaces
[ul]
[li] Regex: 3 seconds [/li]
[li] explode: 1 second[/li]
[/ul]
[/li]
[li]1,000,000 replaces
[ul]
[li] Regex: 22 seconds[/li]
[li] explode: 18 seconds[/li]
[/ul]
[/li]
[li]10,000,000 replaces
[ul]
[li] Regex: 237 seconds[/li]
[li] explode: 176 seconds[/li]
[/ul]
[/li]
[/ul]
*Disclaimer... non-scientific, server had other loads while processing, but tests were run multiple times so it's certainlly good enough for a guide.