In the version coded by Paranoid Pete, because of the movement pattern and the small size of the balls it makes the render a lot quicker.
It's hard to say how optimised it really is.
If we go by the speed output by Jons textured voroni tunnel posted in the tunnel challenge thread then the speed of Paranoid Pete's metaballs isn't all that great.
Jons tunnel rendered the whole screen with perspective correct textures at 640 X 480 and what looks like mip mapping at 108 fps on my system in that tunnel demo, Paranoid Pete's metablobs is rendering about the equivalent of a 300*200 area each frame and that is running at 126 fps here (I presume the same timer is being used), both compiled with the same version of BB3D too.
I've done a few experiments, even using lockedpixels and I still can't render full screen 640 X 480 at even half the speed of the tunnel.
As far as the Blitz exe sizes goes, it's a shame that Blitz users don't have much control over what goes into the exe. It's a damn shame but good results can be gotten from that language.