I have just read the classic book "Effective C++, 3rd Edition", and in item 20 the author concludes that built-in types, STL iterators and function object types are more appropriate for pass-by-value. I could well understand the reason for built-in and iterators types, but why should the function object be pass-by-value, as we know it is class-type anyway?
The reason is simple: if you passed by value, a copy of the object had to be made and, except for very small objects, this is always more expensive than passing a reference.
Explanation: When an object is passed by value, a new object is created implicitly. This new object uses the implicit values assignment, same as that of the object being passed.
By definition, pass by value means you are making a copy in memory of the actual parameter's value that is passed in, a copy of the contents of the actual parameter. Use pass by value when when you are only "using" the parameter for some computation, not changing it for the client program.
In a typical case, a function object will have little or (more often) no persistent state. In such a case, passing by value may no require actually passing anything at all -- the "value" that's passed is basically little or nothing more than a placeholder for "this is the object".
Given the small amount of code in many function objects, that leads to a further optimization: it's often fairly easy for the compiler to expand the code for the function object inline, so no parameters get passed, and no function call is involved at all.
A compiler may be able to do the same when you pass a pointer or reference instead, but it's not quite as easy -- a lot more common that you'll end up with an object being created, its address passed, and then the function call operator for that object being invoked via that pointer.
Edit: It's probably also worth mentioning that the same applies to lambdas, since they're really just function objects in disguise. You don't know the name of the class, but they create a class in the immediately surrounding scope that overloads the function call operator, which is what gets invoked when you "call" the lambda. [Thanks @Mark Garcia.]
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