After snooping around the internet some more, I found the SpriteMethodTest application at: http://code.google.com/p/apps-for-android
and sure enough my suspicions were proven.. The draw_texture extension when run from the demo produce slightly poorer results compared to the VBO method of rendering. However it seems that canvas produces far superior results compared to its OpenGL counterparts (almost a 2 times increase in speed in most scenarios)
If this is indeed true for most android devices I will begin the conversion of my framework to use the canvas class and its draw methods. A quick question to the community, are there any differences (in terms of functionality) between canvas and OpenGL ES 1.0/1.1 when dealing with 2D graphics?