A quick tcpdump says that it's using ipv6 to communicate to tc by default.
If you go into your network settings and turn ipv6 off it goes a lot faster, but it's still not nearly as quick as it should.
You can also:
sudo sysctl -w net.inet.tcp.delayed_ack=0
sudo sysctl -w net.inet.tcp.rfc1323=0
sudo sysctl -w net.inet.tcp.recvspace=40960
To make it permanent, stick this in /etc/sysctl.conf:
net.inet.tcp.rfc1323=0
net.inet.tcp.delayed_ack=0
net.inet.tcp.recvspace=40960
For the curious:
http://www.stuartcheshire.org/papers/NagleDelayedAck/
-s