It's PIO0 (programmed IO mode 0) and so the speed is proportional to the speed of your CPU and your memory. Plus the optimisation of your hardware driver & filesystem. Maybe a little bit the speed of the drive but doubtful.
Cosmos recently re-worked the scsi.device driver to include lots of optimisations.
http://eab.abime.net/showthread.php?t=57419SFS or PFS file systems both offer significant speed increases over standard FFS.
http://strohmayer.org/So patch your scsi.device, upgrade to SFS (both free) and you'll see significant speed increase. (2x?)