The performance gain is quite possibly neglible. I seriously don't know. But the Sun compiler (and possibly others)
does produce duplicate code that way, possibly making the Xith3D Jar a few K larger than it should be.
Where I work the size of our libaries matters quite a bit, because they have to be downloaded by our users every time something is updated... so maybe I'm a little bit paranoid about keeping it compact.

edit: I guess the performance gain depends on the type of object that is used. If you have a singleton class, those few duplicate opcodes resetting the default value will of course be completely meaningless. But if you have a situation where you create many objects in a short amount of time, those extra duplicate instructions probably will make a difference. And since Xith3D is about game-development, and game-dev is about performance, I think it should strive to be as performant as possible.