If you are on NetWeaver 7.01, then press CTRLALTSHIFT+P to receive a performance dialog in the upper right hand corner of your application. You can view server and client rendering time, memory consumption, etc. You can even take memory snapshots from there. Also consider transaction code WD_TRACE_TOOL. This allows you to setup remote trace on a WD Application. The trace files are stored in the backend system and contain a lot of useful information for performance monitoring.
Of course if you want to monitor the performance on the server side, all the normal ABAP tools are available - SQL Trace, Runtime Trace, etc. You can activate trace in transaction ST05 and it will pickup WDA as well. You can also go to SICF and choose Edit->Trace or Edit->Runtime Analysis for any service node (including WDA).
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