I am going through a SQL Server upgrade now and we are working to increase the compat level to 100. I have not observed performance differences in our applications. The reason that we are making the changes only in part to take advantage of some new features of SQL Server. We are at level 80, so the main reason is that we cannot upgrade to 2008 R2 until we are running at a higher level. Be careful that you don't fall behind the current compat level so far that you can't upgrade your database.
We have been going through our code base to remove manually inserted hints that used a deprecated syntax. It turned out that removing the hints actually improved performance. Presumably, this is because the query optimizers have improved over the last decade to the point that it can better optimize than the optimizations chosen by developers a decade ago. So indirectly, we found that increasing the compat level has improved performance, but only because we had to change our application code base.
Once we increase the compat level, we may be able to take advantage of new features that will improve performance, but we have not see that running a database at a lower compat level has lower performance than running the same database (and applications) at a higher compatibility level.