It's all about resolution. the more pixels the card has to draw the slower it will get/the harder it has to work.
If you were running all monitors at 1920X1080, the 2nd and third monitor will make the card work harder.
If your just doing desktop stuff this is ok, but the difference between 1 and 3 monitors when gaming will be drastic.
I think splitters normally decrease your resolution to vga standards.. so you could be running 2 monitors at 1280x1024, but the computer basically sees it as 1 2560x1024.