Thanks haegarr for the reply.
1. ... . So usually, animated meshes start from a fixed form and get fully transformed in each frame.
So does this generally tend to happen all up front pre-computation (or pre-use) of each of the vertices which would allow me to batch the transformations onto say the GPU; or only as the transformations are needed (during computation), which would likely not end up hitting all vertices, but also will have redundancies and not be as parallelized.
2. Not animated meshes don't suffer from the problem mentioned above. So *they* can be stored w.r.t. the global co-ordinate system. This is in fact the reason why static and dynamic geometry is distinguished.
Really good point; I'll definitely adopt this.