You mentioned that you use this on iPhone 4. Is your OpenGL level rendering on a full 2X retina zoom screen? That is, you set the contentScaleFactor at the OpenGL ES hosting level to [[UIScreen mainScreen] scale] ? If so, you start with a lot of pixels.
Is fill rate limited to applying multisampled smoothing? To check, use the OpenGL ES tool in Tools against your application and enable usage statistics for Tiler Utilization and Renderer Utilization. If your application shows high performance using Renderer without the permission of the MSAA, from the beginning you restrict the filling. Adding MSAA in addition to this can significantly reduce the number of frames due to this bottleneck.
In the application, which I had with a geometry constraint, but not a fill constraint, I did not see such a slowdown when using 4X MSAA in it on iPhone 4. I assume that the bottleneck in your application is to click pixels on the screen.
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