Most L3 switches route at line speed, so speed isn't an issue.
However, because of advances in network technology, as well as decreases in pricing, most organizations favor a collapsed core (distribution and core are effectively the same layer) over a three tier design. This simplifies the topology quite a bit. Optics are cheaper and fiber is faster than it ever had been before, so the three tier design isn't really necessary anymore within a corporate network.
Also, it's less about the number of VLANs as it is about the number of switches.
But, because L3 switches are so fast and so inexpensive now, there's no reason not to use them in the access layer.
Really, it's all about what you want to accomplish. If you need a single VLAN to span multiple access nodes (which is really bad design by itself), you'll need a three-tier design. Layer 2 traffic should never, ever cross your core.