I agree with David. I'm sure that some people would be able to squeeze better performance out of their game by updating their sprites themselves, but I for one would most likely completely destroy the performance of my game :P I find the actions really useful and with clever use of CCSequence, CCCallFuncN, etc, really flexible.
I haven't had to worry about performance yet with over 150 animated sprites all running actions against a full background image on an iPad (60fps) so I personally won't be looking for an alternative until i need it.