Performance Impact of Calling CreateIfNotExistsAsync () on Azure Queue
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All this method does is try to create the queue and catch the AlreadyExists error, which you could just as easily replicate by catching a 404 while trying to access the queue. Some of these will affect performance.
More importantly, it increases your costs: From Understanding Windows Azure Storage Billing - Throughput, Transactions, and Capacity [MSDN]
We've seen applications that queue CreateIfNotExist [sic] before each message that is placed on that queue. This results in two separate storage requests for each message they want to queue when the create queue fails. Make sure you only create your containers, tables, and Blob queues early in life to avoid this additional transaction overhead.
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