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I prefer ensure_ascii=False because it's efficient.
But I notice it is very slower.
On Python 3.4.2:
In [3]: %timeit json.dumps([{'hello': 'world'}]*100)
10000 loops, best of 3: 74.8 μs per loop
In [4]: %timeit json.dumps([{'hello': 'world'}]*100, ensure_ascii=False)
1000 loops, best of 3: 259 μs per loop
On Python HEAD with attached patch:
In [2]: %timeit json.dumps([{'hello': 'world'}]*100)
10000 loops, best of 3: 80.8 μs per loop
In [3]: %timeit json.dumps([{'hello': 'world'}]*100, ensure_ascii=False)
10000 loops, best of 3: 80.4 μs per loop

I've copied test_encode_basestring_ascii.py and modify it for this patch.

Patch update.
Now C version does escaping same way to Python version.

Thank you for the patch! I posted a review.

I've updated patch to use PyUnicode_MAX_CHAR_VALUE().

test_encode_basestring_ascii.py has duplicated test cases.

I get the following compile error:
In file included from ./Include/Python.h:48:0,
 from /home/antoine/cpython/default/Modules/_json.c:1:
/home/antoine/cpython/default/Modules/_json.c: In function ‘escape_unicode’:
/home/antoine/cpython/default/Modules/_json.c:301:24: error: ‘PyUnicode_4BYTE_DATA’ undeclared (first use in this function)
 assert(kind == PyUnicode_4BYTE_DATA);
 ^
Fixing it is trivial, I can do it when committing.

The patch was committed in b312b256931e. Thank you!