I've created APK's using cocoon and crosswalk.
The cocoon apk runs just like using their CocoonJS Launcher app, great speed but audio is borked and particles are not using the images just a blue emitter.
The crosswalk apk runs very choppy but has good particles. The audio issues are about the same, music changes volume as it loops and sounds may or may not play when they should. In the XDK App Preview app performance was even worse and I couldn't use it at all.
I only use effects for transitions, and particles for some collisions in my platformer. For playability, cocoonJS is working far better for me as of today. I'm running it on an HTC Evo 3d.