The iPhone GPU is a tile-based rendering. If the overlapping layer is completely opaque over the entire slab, the GPU can ignore the setting and processing of any graphic commands related to the bottom layer for this particular tile, in addition to not having to arrange the pixels in this fragment.
If your image does not cover the full tile, the GPU will still have to process several layers. The size of the tile is implementation dependent, but tiny graphics are much less likely to cover the tile. Huge images that cover multiple fragments will have the greatest advantage from opacity.
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