It appears you still have a lot of overdraw going on - completely transparent pixels around the planets and such still take gpu time to draw. Also, is your border a full screen image as well? That would be 2x the pixels again. There appears to be tons of objects offscreen right that are unnessecary.
Can you post a .capx? That would make it easier to see what you're doing.
Also, of note there was a significant jump from the iPhone 4 to the iPhone 4S, which CPU is 2x faster and gpu is 7x faster.