Yep... it comes no where near the max thruput of a high speed storage card.
I've run some speed tests on my card and this is what I get
Write32bit: 219 bytes/sec
Write8kByte: 129710 bytes/sec (126.66KB/sec, .126MB/Sec, HORRIBLE)
Read8KByte: 6553600 (6.25MB/sec, better!)
compare this with the results here for transcend 2GB (miniSD 1.1 2GB)
http://www.hjreggel.net/cardspeed/speed-by-cards.html
And you see, we're not even close - read and write on these puppies should be 12MB/sec.
Here's some results for the ppc:
http://www.audacityaudio.com/sddata_ppc.php