Large numbers of animated objects

I was wondering what the ideal way to render large numbers of animated models would be. From what I have seen, there is a significant performance increase when using DrawMesh as opposed to instantiating GameObjects containig said mesh. If you wanted to have an animated mesh, would you have to save every frame of the animation as a new mesh, or is there a better way to do this?

Please let me know if I am completely off base and there is an easy way to render animations without using GameObjects.

What are you trying to accomplish that would need a lot of meshes? You might want to consider using a particle system.

@Landerk I would like to have a large number of animated tiles in the game I am building. Other uses might include large numbers of units in an RTS like supreme commander.