Bullet tracers - instanced prefabs vs LineRenderer?

Which would be the best way, performance-wise, to implement visible bullet tracers: instanced bullet prefabs or LineRenderer?

We currently have the bullet tracers implemented via prefabs (using the AngryBots approach). It works reasonably well, though there's still some work left to do regarding the "bullet through paper" problem (we're scaling the prefab and manipulating the texture coordinates via Scale and Offset parameters).

My question is, should we continue with using prefabs for tracers or switch to LineRenderer? I'm especially interested in run-time performance, as the game is intended for mobile devices.