EFS is a Network Filesystem(NFS). It provides a file system interface, file system access semantics (such as strong consistency and file locking), and concurrently-accessible storage for up to thousands of Amazon EC2 instances. Ofcourse there would be read/write latency compared to EBS as EBS is designed for low-latency access to data.
EBS provides different volume types, which differ in performance characteristics and price, so that you can tailor your storage performance and cost to the needs of your applications.
EFS is easy to use and offers a simple interface that allows you to create and configure file systems quickly and easily. With Amazon EFS, storage capacity is elastic, growing and shrinking automatically as you add and remove files, so your applications have the storage they need, when they need it.
Perfromance Overview of EFS: http://docs.aws.amazon.com/efs/latest/ug/performance.html
Performance Overview of EBS:http://docs.aws.amazon.com/AWSEC2/latest/UserGuide/EBSVolumeTypes.html