Here's my test:

Start a new project and put a command button on the form. Then put this code in the Click event of the command button:
Code:
Dim ISt As Single, IE As Single
Dim LSt As Single, LE As Single
Dim B As Boolean
Dim I As Long
Const Times = 1000000
Dim TestStr As String
TestStr = "hi!"
Me.AutoRedraw = True
Me.FontName = "Fixedsys"

ISt = Timer
For I = 1 To Times
B = InStr(TestStr, "!") > 0
Next I
IE = Timer

LSt = Timer
For I = 1 To Times
B = TestStr Like "*!*"
Next I
LE = Timer

Cls
Print "InStr: "; vbTab; IE - ISt
Print "Like: "; vbTab; LE - LSt
As far as I know, there are no errors in that test code. It shows InStr to be consistently faster than Like.