Q When is the right time to switch?
A is your product already on the market? if no, then it would be worth trying your code with yocto.
Q It appears to be an easier development environment, but I've already built my app under previous ltib versions.
A Neither Yocto nor LTIB are development environments; the development cycle should be done separate and once you have something solid, then create a tiny recipe indicating the build system how to bake your stuff. bitbake likes git, so try to keep your code controlled with it. Also, create a new layer for all your stuff.
Q Is the kernel the same?
A You can tell Yocto which one you want. For iMX6, it has 3.0.35, 3.5.7 and 3.10.9. More info on http://freescale.github.io/doc/release-notes/1.5/
Q Is the performance better under Yoctu?
A What do you mean? Build, boot, system performance?
Q If there is already a discussion comparing ltib and Yacto, could you please point me to it?
A https://lists.yoctoproject.org/pipermail/meta-freescale/2013-October/005206.html