The simple noun "performance" doesn't carry any value judgement--it's like "existance." "Performance" can be good, bad, poor, outstanding, adequate, etc.
"Performance" is often used (misused?) as an adjective, the connection to the adjective form "high-performance" being either implied or inferred, or both. "Performance car parts," "performance ammo," and so forth.
I remember about 20 years ago a billboard I had to drive by every day advertising some kind of of little Ford--an Escort or something of the sort. It had stripes and mag-ish wheels and the only copy on the billboard read, in full, "IT PERFORMS." Having grown up in the glory days of Corvette Sting Rays, GTOs, SS396 Chevelles, Hemi Road Runners and the like, I always thought that copy was pretty funny, and interpreted it to mean, "It starts, stops, goes forward and backward and turns left and right on demand. Most of the time, anyway." The billboard might as well have read "A CAR." as far as I was concerned, but I think I know what they wanted people to infer from the message.