I've been wondering about this myself. I have been using OpenGL for TS12, on an NVidia GeForce 9800 GTX+ 512MB on PCIE.
In the past, I seemed to get better performance with OpenGL, but this is probably due to the NVidia card, which as Johnwhelan explained very well. I haven't tried to run TS12+SP1 in DirectX mode yet, but I think now that the subject has come up, I will try it out and see how it compares to OpenGL.
One odd thing I find is when running Google Earth (I use GE to create proto routes in Trainz). When I run it in OpenGL, I get the little red bumps at the drag points on a path (polyline), but when I run it in DirectX those little bumps aren't there, which makes it difficult to move a path once it has been drawn.
I'll do some experimentation and let you know what happens (on my system).
System specs:
Windows 7 Ultimate+SP1
MSI P67A mobo with Intel I5 2500 @ 3.3Ghz
8GB DDR3 @ 1600Mhz
BFG NVidia GeForce 9800 GTX+ 512MB & Samsung 2494HS 24" monitor
1.5TB total HDD capacity on SATA 3
CP