Hi-
It is actually noticeable.
Though the PCI bus becomes the bottleneck, the drives data transfer is twice that of ATA.
What happens, is the overhead that limits the ATA to around 45 MB/s is pretty well cancelled out, and actual data rates of 60-65 MB/s are achieved.
These figures are from actual use and tests in my Quicksilver.
I haven't posted a table of results for the Quicksilver yet, but here is a comparison of the various interfaces and test results for a 100 MHz bus G4 Sawtooth:
http://www.jcsenterprises.com/JapamacsPage/Hard_DriveBenchmarks.html