When I import a PSD as a comp, I'm presented with the usual option to keep Layer Styles editable or merge them.
What should I choose if my PSD doesn't use any layer styles at all? Does AE process/render one option faster than the other?
(Would be nice if AE was smart enough to tell I'm not using any Layer Styles)
Merge. If it turns out that you're wrong and there were actually layer styles that you wanted editable, you can later convert merged layer styles into editable layer styles.
Please submit a feature request regarding having the dialog box at import show a different (more limited) set of options if the PSD file doesn't have any layer styles. You could even phrase it as a bug report.