Does the "Static" checkbox in the inspector affect Canvas UI?

I know with NGUI, you wanted to set things to static whenever possible. I played around with checking it and unchecking it, but I'm not seeing a difference. I don't have Pro, so I don't have a profiler to look at. I am also only looking in the Editor.

Does setting an image or Text to Static affect performance? It seems to always update even with static checked.

Would love an answer to this from someone who knows the guts.