Actually, rational approximations are usually much less efficient than
polynomial approximations, since in modern computer arithmetic division
is many times slower than multiplication and addition, so the single division needed for a rational approximation takes about as long as 5 to 10 extra terms for a polynomial approximation. Divisions are inherently slower, and tend
to stall pipelines.
However, rational approximations do tend to take fewer terms. I haven't
studied the reasons in detail, but heuristically this is because the
error for a polynomial approximation blows up in a hard to control way
depending on he number of terms, perhaps quadratically or worse. In
rational approximations, the error only blows up depending on the number
of terms in the polynomials in the numerator and denominator separately.
This is the infinite-precision error. Rounding errors are usually
dominated by the one for the final operation, and thus don't blow up.
The example of $x^{\frac{1}{3}}$ on the interval $[\frac{1}{8},1]$ is
close to a worst case for a reasonable polynomial approximation. Often,
the rational approximation only takes 1 fewer term for a given accuracy,
but here it takes about twice as many terms. The interval is just
too wide for a polynomial approximation to work well. The width of
an interval that is too wide to work well is very dependent on the
function. For example, $[0,\frac{\pi}{4}]$ is barely manageable for
$sin(x)$ but is too wide for $tan(x)$; $[0,-1]$] is barely manageable
for $cosh(x)$ but $[0,\frac{1}{4}]$ is barely manageable for $tanh(x)$.
Algebraic functions tend to be harder to approximate than transcendental
ones.
I go to great lengths to rewrite algorithms to avoid using
rational approximations. The basic technique is to use only short
intervals over which polynomial approximations work well. For
$x^\frac{1}{3}$ on $[0,1]$, I use 64 subintervals of length
$\frac{1}{64}$. The function is barely simple enough to allow
efficient accurate interpolation after reduction to the primary interval
$[0,\frac{1}{64}]$ (in general, this method would need 64
different polynomials or lose more efficiency or accuracy than it
gains because the interpolation would be unmanageable). A degree
3 polynomial suffices for float precision on the primary interval.
Float precision is relatively easy. I use it to warm up for
higher precisions.