I was curious, so I benchmarked this with Ruby MRI. join('') beat reduce(:+) even on two strings, but is twice as fast only on four or more strings.
$ ruby -v
ruby 1.8.7 (2010-01-10 patchlevel 249) [universal-darwin11.0]
$ ruby benchmark.rb
user system total real
add 2 0.390000 0.000000 0.390000 ( 0.385910)
join 2 0.300000 0.000000 0.300000 ( 0.305812)
add 3 0.530000 0.000000 0.530000 ( 0.527388)
join 3 0.320000 0.010000 0.330000 ( 0.329390)
add 4 0.720000 0.000000 0.720000 ( 0.720500)
join 4 0.350000 0.000000 0.350000 ( 0.353237)
Code: https://gist.github.com/1562617