An IBL can be slow if your setting to get the right detail needed is high to avoid trouble. This is usually caused by a high contrast image in your IBL.
FG + IBL will also not provide you with “correct” hard shadows. Irradiance Particles or Builtin-IBL can provide that but take longer to render.
Lights are fine depending on the type of shadows. Soft shadows are more painful. The reason lots of lights hurt render time is that each shading call will run through the light loop to get lighting information. The more lights, the longer the loop is and will take longer.
Tweaking lots of lights can also be painful.
FG (Final Gathering) tends to be good enough for most things, and maybe a couple key lights for harder shadows. It’s also reasonably fast. I am not sure why anyone now would prefer not to use Final Gathering in a raytracer. Maybe for REYES, but even that has a point cloud implementation that’s fast and easy.
The best trade-off for speed and higher quality is the Builtin IBL unless you have a lot of specular objects. In which case it might cause too much grain. The Maya Rendering forum has a thread on the Builtin-IBL and Irradiance Particles.