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my $str = 'hello';
timethese( 1000000, {
    'pack'      =>  q{$str = pack("A10",$str);       },
    'sprintf'   =>  q{$str = sprintf("%-10s",$str);   },
});

Benchmark: timing 1000000 iterations of pack, sprintf...
      pack:  3 wallclock secs ( 3.84 usr +  0.02 sys =  3.86 CPU)
   sprintf:  4 wallclock secs ( 4.24 usr +  0.00 sys =  4.24 CPU)

timethese( 1000000, {
    'pack'      =>  q{my $str = 'hello'; $str = pack("A10",$str);     
+},
    'sprintf'   =>  q{my $str = 'hello'; $str = sprintf("%-10s",$str);
+},
});

Benchmark: timing 1000000 iterations of pack, sprintf...
      pack:  6 wallclock secs ( 5.82 usr +  0.03 sys =  5.85 CPU)
   sprintf:  7 wallclock secs ( 6.80 usr +  0.01 sys =  6.81 CPU)