Is there a way to do this and still have the metaballs affect each other? I'm copying metaballs to a lot of points and it's very slow. Or is there a way of rendering points as metaballs?
It might just really slow _displaying_ them as the viewer needs to convert it to polygons. I don't think it would be slow doing the actual node cooking. To test this, you could try just doing a render from hbatch, or turn down the LOD to a really small value in the display options.