Done.
Although the merge with views executed on less time, performance is very identical...
Merge with views:
NOTE: DATA statement used (Total process time):
      real time           16:24.78
      user cpu time       41.00 seconds
      system cpu time     32.28 seconds
      Memory                            22663k
      Page Faults                       185862
      Page Reclaims                     15291
      Page Swaps                        0
      Voluntary Context Switches        9793
      Involuntary Context Switches      6277
      Block Input Operations            0
      Block Output Operations           0
Merge with tables:
NOTE: DATA statement used (Total process time):
      real time           16:29.87
      user cpu time       37.82 seconds
      system cpu time     29.61 seconds
      Memory                            21024k
      Page Faults                       185651
      Page Reclaims                     8430
      Page Swaps                        0
      Voluntary Context Switches        9780
      Involuntary Context Switches      8154
      Block Input Operations            0
      Block Output Operations           0
- Page faults are about the same (I/O) but page reclaims (done in memory) are much higher (almost double) for the merge/views, which may explain the 5 seconds difference.
- Memory was about the same in both techniques.
- cpu usage was a little less with merge/tables, which is reasonable, since views should have some processing overhead to map/resolve the logical definition to the physical data.
But your theory may be actually right (views by blocks vs tables by rows), the page reclaims difference may indicate that. Data read into memory with a larger block size (and retrieved from there) vs. data read into memory with a smaller block size, and much more I/O operations.
Anyway, as always for performance, it will be everytime a system dependent matter. Base on the above theory and for our system, although merge/views performed less I/O operations the total processing time remained pretty much the same.
Cheers from Portugal.
Daniel Santos @ 
www.cgd.pt.