They talked about it during one of the recent BSDNow episodes. The bit that came to mind is they mentioned some OpenSSL benchmarks that performed practically equal to the host. They said that things like network performance were slower because of virtualized drivers that can't do some of the tricks normal drivers do. I can't remember everything else they covered but it's probably worth a watch if you're interested.
FreeBSD jails are chroots with additional checks added to the kernel. This allows a single kernel to manage multiple FreeBSD userlands. bhyve() in contrast is a hypervisor that allows to run another OS on top of FreeBSD, quite similar to VirtualBox.
Haven't played with bhyve yet, but if you can get away with jails, they will consume less resources. bhyve will come into its own (in my opinion) when more third party operating systems are supported.
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