I count a total of 4 queries for the function, then +1 for each author returned by the function (6 total on my test site - added another author for testing, 5 initially).
EDIT: Added another to confirm, i now get 7 queries for 3 authors(+4 as mentioned above), simply to prove my point.
10 authors would be 14 queries ... just to simply confirm that there are several queries being made for this function.
Using the current trunk, which at the time of writing is revision : 13972
EDIT AGAIN: Here's the wp_list_authors queries that run on my test install (queries prior to that are other wordpress stuff, unrelated).
[12] => Array
(
[0] => SELECT user_id, user_id AS ID, user_login, display_name, user_email, meta_value FROM wp_users, wp_usermeta WHERE wp_users.ID = wp_usermeta.user_id AND meta_key = 'wp_capabilities' ORDER BY wp_usermeta.user_id
[1] => 0.00020480155944824
[2] => require, require_once, include, wp_list_authors, get_users_of_blog
)
[13] => Array
(
[0] => SELECT ID, user_nicename from wp_users WHERE ID IN(1,2,3) AND user_login <> 'admin' ORDER BY display_name
[1] => 0.00011396408081055
[2] => require, require_once, include, wp_list_authors
)
[14] => Array
(
[0] => SELECT DISTINCT post_author, COUNT(ID) AS count, ID FROM wp_posts WHERE post_type = 'post' AND (post_status = 'publish' OR post_status = 'private') GROUP BY post_author
[1] => 0.001133918762207
[2] => require, require_once, include, wp_list_authors
)
[15] => Array
(
[0] => SELECT * FROM wp_users WHERE ID = 3 LIMIT 1
[1] => 0.00012993812561035
[2] => require, require_once, include, wp_list_authors, get_userdata
)
[16] => Array
(
[0] => SELECT user_id, meta_key, meta_value FROM wp_usermeta WHERE user_id IN (3)
[1] => 0.00013995170593262
[2] => require, require_once, include, wp_list_authors, get_userdata, _fill_user, get_user_metavalues
)
[17] => Array
(
[0] => SELECT * FROM wp_users WHERE ID = 2 LIMIT 1
[1] => 0.00017404556274414
[2] => require, require_once, include, wp_list_authors, get_userdata
)
[18] => Array
(
[0] => SELECT user_id, meta_key, meta_value FROM wp_usermeta WHERE user_id IN (2)
[1] => 0.00012898445129395
[2] => require, require_once, include, wp_list_authors, get_userdata, _fill_user, get_user_metavalues
)
... should give you a more visual idea of what's running and why (if the above makes sense to you).
Pay attention to key 2 in each array as this gives you clues about what functions are making the queries.