Well it doesn't beat $600+ phones but...I would say it handles multi tasking nearly as well as my Turbo 2:
http://forums.androidcentral.com/motorola-droid-turbo-2/604030-turbo-2-kicking-apps-out-memory.html
And it doesn't kick ACTIVE apps out of memory like the 6S Plus. Of course, reloading apps on the iPhone is much quicker:
http://forums.androidcentral.com/samsung-galaxy-note-5/590861-i-used-6sp-week-back-n5-now.html
AFAIK, there is no thermal throttling issues like I had on the Turbo 2 and G4 under heavy load for extended periods of time. In fact, when the Turbo 2 and G4 are under throttling, the Moto E 2nd gen actually is faster in performing tasks.
In app, sometimes the Moto E 2nd gen will struggle a little bit...but not too bad. Scrolling sometimes isn't very smooth.
Now the camera is not anywhere near any high priced device. In good lighting it is ok, but otherwise it is pretty meh.
Battery life performance is quite excellent. In my usage, it gets better battery life than the Turbo 2, S6, and G4, and about the same battery life as my Note 5. Of course, everyone's usage is different, ymmv.
The display is a bit grainy, for those of us used to QHD display, it is only qHD. But honestly not bad at all. And the color is pretty good, better than my Zf2 64/4.
Overall for $10, it is really impressive. CPU wise, it is better than the 2nd gen Moto G and the same with the 3rd gen Moto G.