Rendered once and cached? The cached GIF is rendered each time as well. As far as I know, it's not possible to cache a rendering. There are still calculations to do each time you want to convert the cached data into an image. The question then becomes, which calculations take longer. The calculations needed to convert the CSS into a bitmap for the screen, or the calculations needed to convert the GIF data into a bitmap for the screen. I'm betting the difference is negligible.
(If I have misunderstood some step of the rendering process, I would love to know how, or what. I don't know much about graphics processing, so I am unaware of any caches beyond what the browser maintains.)