Texture atlas as a cache will be removed. Performance loss because of texture switching is minimal compared to our current D3D state handling.
Actually disabling the texture atlas will increase the performance (I did some local testing). This is because the vertex buffers aren't constantly getting updated, which seems to be a no go for modern GPUs. It is faster to switch between textures than to update vertices in our case.
I didn't remove the texture atlas in my font engine speed improvement since GUIImage is so ugly class that keeping it working was too much annoying