[delusional]

The "Ordering" step doesn't really matter that much. You're usually doing a sort anyway prior to submitting the drawcall. What hurts is the overdraw. If you're doing opaque rendering, you get to render front to back, rendering only what actually appears on the final framebuffer. The number of pixels (after the depth pass) is proportional to the framebuffer. When you're doing transparent rendering you render back to front, and you have to render a tonne of the scene that will eventually be (partially) obscured by other random polys. We call that overdraw. The amount of pixels through the shader pipeline balloons to be proportional to the size of your mesh.

If you're doing non-overlapping stuff, you'd actually expect (almost) no slowdown from transparency, since you'd have to touch every pixel once anyway, and the only thing that changed is the shader formula.