Kevin Hill explains a potential performance difference between using NOT IN and using a left join:
Basic stuff, right? Both will return 951 records (books) that I do not own. And, very quickly…because the tables are tiny. Sub-1 second is fast.
The issue here is HOW the rows are compared.
English version now, techy stuff later:
In the first query, this is equivalent to you standing at the bookstore and calling home to have someone check to see if the book in your hand is already in your collection. EVERY time. One by one.
In the second, you got really smart and brought a list with you, which you are comparing to the books on the shelf at the store. You’ve got both “lists” in one place, so it is far more efficient.
Even in the case with a few hundred records, you can see why there’d be a performance difference.