1. Performance does not matter here, since this code is only triggered upon explicit click on the commit message button.
1. Drupal's [jQuery coding standards](https://drupal.org/node/1720586#each) explicitly state that `$.each()` is **only** the wrong tool if the whole purpose is to iterate over native JS constructs. — i.e., that's a misinterpretation of what is being stated :-)  Using jQuery's iterator is obviously adequate + desired when dealing with jQuery objects.  Working around jQuery itself if you already have a jQuery object is NOT the intention of that standard, because it makes no sense. :)