jquery-tmpl slow compared to string substitution

gistfile1.coffee

head.ready ->
  
  # create 10,000 messages
  s = ''
  messages = []
  for i in [0...10000]
    messages.push from: 'me', text: "blah blah"

  
  #//// jquery-tmpl
  $.template 'chatTemplate',
    """
    {{each messages}}
    <li>
      <div class='from'>
        ${from}
      </div>
      <div class='text'>
        ${text}
      </div>
    </li>
    {{/each}}
    """
  out = $.tmpl('chatTemplate', messages: messages)
  $(out).appendTo 'ul'


  #//// Same Using String with Proper HTML escaping
  h = (s) ->
    s.replace(/&/g,'&amp;').
      replace(/>/g,'&gt;').
      replace(/</g,'&lt;').
      replace(/"/g,'&quot;')

  for msg in messages
    s +=
    """
    <li>
      <div class='from'>
        #{h msg.from}
      </div>
      <div class='text'>
        #{h msg.text}
      </div>
    </li>
    """
  $(s).appendTo 'ul'