This paper evaluates the L1 adaptive model predictive control (AMPC-L1) method in terms of its control performance and computational load. The control performance is assessed on the basis of the nonlinear simulation of a fly-back booster conducting stage separation and re-entry, and compared to baseline nonadaptive MPC and as a pole placement controller in both longitudinal and lateral control tasks. Simulation results show that AMPC-L1 exhibits superior control performance under nominal conditions, and aerodynamic and guidance law uncertainties. The computational load of AMPC-L1 is also evaluated on an embedded platform to demonstrate that AMPC-L1 preserves the efficiency properties of AMPC while improving its performance.