There is a big difference performance-wise, yes. Doing a second search tells Splunk to actually bring back all the data (in the initial search), then filter it. Specifying it all in the initial search makes use of the full-text index, which means retrieving only the data you specify in the first place. Note that the cost of the initial query is what typically dominates search time. If there a a lot of stuff in the index that does not match the "service", then there will be a significant difference.
... View more