My experience is this: the more complex my app became, the more I realized I should have had used OpenGL ES for what I was trying to do.
So, for your situation, If what you described is all there is, sure, Core Graphics does the trick. But, I'm guessing there's more to it than three circles.
With no experience with OpenGL at all, the learning curve for ES was about 20 days.
Thus, my advice is: OpenGL ES for pretty much every frame-to-frame graphics based app.
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