Was chatting with Jake on YIM here, and I ran up a longer test than he did, and came up with some different results. Ain't as perty and you have to add your own average formula right now, but:
Sub b()
Dim MyTimer As Double
Dim i As Long
Dim j As Long
Application.ScreenUpdating = False
Range("C1").Value = "vbnullstring"
Range("D1").Value = "2 quotes"
For j = 1 To 50
Range("A:A").ClearContents
MyTimer = Timer
For i = 1 To 10000
If Range("A" & i).Value = vbNullString Then
Range("A" & i).Value = 1
End If
Next i
Range("C65536").End(xlUp).Offset(1, 0).Value = Timer - MyTimer
Next j
For j = 1 To 50
Range("A:A").ClearContents
MyTimer = Timer
For i = 1 To 10000
If Range("A" & i).Value = "" Then
Range("A" & i).Value = 1
End If
Next i
Range("D65536").End(xlUp).Offset(1, 0).Value = Timer - MyTimer
Next j
End Sub
For me, after 50 loops, vbnullstring = .8225, "" = 1.51838
The weird part is that while vbnullstring starts and stays fast, "" seems to slow down after a few iterations.