webrocket.js

var Picomachine = require('picomachine');
var WebSocket = require('websocket-client').WebSocket;

var WebRocket = function(key, options) {
  this.key = key;
  this.options = options || {};
  this.connection = new WebRocket.Connection;
};

WebRocket.prototype = {
  connect: function() {},
  disconnect: function() {},
};

WebRocket.Socket = WebSocket;

WebRocket.Connection = function(url) {
  var initialState = 'disconnected';
  var self = this;

  this.url = url;
  this.machine = new Picomachine(initialState);
  this.state = initialState;
  this.on = this.machine.on;

  this.machine.transitionsFor['connect']     = {disconnected: 'connecting'};
  this.machine.transitionsFor['connected']   = {connecting: 'connected'};
  this.machine.transitionsFor['forbid']      = {connecting: 'forbidden', connected: 'forbidden'};
  this.machine.transitionsFor['unavailable'] = {connecting: 'unavailable', connected: 'unavailable'};
  this.machine.transitionsFor['disconnect']  = {connect: 'disconnected', connecting: 'disconnected'};

  this.machine.on('any', function() { self.state = this.state; });

  this.machine.on('connected', function() {
    console.log('connected');
  });

  this.machine.on('connecting', function() {
    var machine = this;

    this.socket = new WebRocket.Socket(self.url);
    this.socket.onopen = function() {
      machine.trigger('connected');
    };
    this.socket.onerror = function() {
      machine.trigger("unavailable");
    }
  });
};

WebRocket.Connection.prototype = {
  connect: function() {
    this.machine.trigger('connect');
  }
};

WebRocket.Channel = function() {};

module.exports = WebRocket;

I like state machines.

I don't know about JS performance problems. But if that code works, I would just use it until its performance proves to be a problem. Just THEN I would change it for something else.