Sharding and Performance

I think I've finally gotten a grasp of the fundamental understanding of how to allocate shards for Elasticsearch. Please correct me if I'm wrong, this is what I've pieced together:

  1. Ideally, there should only exist one shard per index, per node.
  2. The only reason why we would ever want to configure more than one shard IS to over-allocate for future growth (i.e. adding more nodes to physically support the data).

Now, assuming what I have above is correct, I then wonder if there are any performance issues or differences if I only had one node with 1 shard versus one node with 5 shards. Can anyone enlighten me on this subject?

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