Yes, that's the point. When you can tell Xrender to efficiently composite some pixmaps then there's really no reason to use sub-windows ever.
>You make your toolkit's programmer's life more complicated, not less, by having windowless widgets (at the very minimum you now have to complicate your code with offsets and clip regions and the like).
No, you still had to have offsets and clip regions before too because the client still had to set and update those. And it was more complicated because when you made a sub-window every single bit of state like that had to be synchronized with the X server and repeatedly copied over the wire. With client-side rendering everything is simply stored in the client and never has to deal with that problem.