Exactly. This is why there's not much difference in discernable speed between a 1.7Ghz P4 and a 1.8. They're both using the same slow bus.
I've been asking the question for years now: when is somebody in Wintel land going to wise up and redesign the PC's archetecture. These days they might as well not give you any expansion slots, there's no available IRQ's! Better hope your graphics card likes sharing with your sound card...