Is the slow part the First call to nextfeature or every call to next feature? My experience, after running rdbms traces on feature cursors using only attribute clauses, the database (oracle in my case) parses the query when search is called. The query is actually executed when the first nextfeature is called. The search was fast but it wasn't really doing the query, just preparing the cursor with the right fields and parsing the query to make sure it was valid. The first call to nextfeature was very slow and the trace showed that is where the query was done.
I would expect different spatial queries to have different performance since the nature of geometric operation varies. One trick to speed things up is to look at your spatial index on the featureclass, it may need some adjustments. It also depends on the geometry type SDE and Oracle will have SDO geometry and ST geometry, spatial queries don't perform the same for both.