There's probably room for experimenting with more novel constructions and even some papers out there looking into the matter.
Although if you wanted to come up with difficult scenarios, it's not hard to think of structures that would make some of those middle layers really tall, or add a lot of middle layers.
I suppose there may be some cases where the extra speed you get by omitting the intermediate nodes pays off. However, I can't imagine a situation where you'd know enough about the problem in advance that you could design the NN's graph in that level of detail.
I also cannot imagine a situation in which you'd know that much detail, but using a general network would allow one to, for example, dynamically modify the topology of the graph (as real neural networks do regularly).
EDIT: I guess what I'm asking for is a rigorous proof that the two models are equivalent with as little overhead as you say there should be.