The main difference there is: You can control the timing of when to pay that penalty. With a full blown GC, if you run into performance issues because of it, you basically have to rearchtect the whole app (with something like memory pools, which you pay by needing more RAM than strictly necessary and with a vastly more complex code). With ARC I can track down a slow memory operation to a single line of code and deal with it there (e.g. by moving the complex object into a singleton). IMO a full GC is just the wrong level of abstraction for anything that's timing relevant, which includes all UI threads.

You don't have to free the whole thing right away, you (the implementation) can free O(1) things and put the rest on a list to process later.