It doesn't use Construct Sprites but handles its own rendering (technically: textured quads in the case of rotated bullets, point sprites when there's no rotation).
Haven't ran very scientific benchmarks, but it's pretty fast. Here's a test I did just now:
Over 20000 bullets on screen (a bit of a challenge for the player ), colliding with one object (player ship), still pushing over 60 FPS. (2.8ghz dual core, GF 9800 GT).
<img src="http://paahdin.com/projects/bulletml/images/lotsa.jpg">
stare at this long enough and your screen will begin to wave
I can probably optimize it further, but there's still features to be added first. Anyway, performance is not the main catch here (Construct could easily push a few thousand Sprites -- more than enough for games) but the ability to script the patterns.