If you exclude the object, then the engine doesn't have to check for visibility every time you render for every camera. However, that moves the burden of checking onto you instead, and you're almost guaranteed to not be able to do it as quickly - obviously, that depends on your game layout, and if you know that an object will not be displayed for a relatively long time, then excluding it and only re-checking infrequently, you can get quite a gain.
The last driving test program used that method - instancing objects for the whole 'town', and excluding them until they were in view (ie, visible from your current street).