When I say speed, I'm referring primarily to speed while multitasking. It doesn't get that "clogged" feeling of XP when running multiple apps at once, it's more responsive the way Mac OS X is. As far as comparing things like, opening a Windows Explorer window and browsing your C drive or something, it's probably the same as XP - that's primarily a factor of your hard drive and interface speeds, etc., probably not going to get faster until SATA 3 and SSD become standard fare. I'd say that for general purposes, Windows 7 is every bit as fast as a streamlined XP install, though - and a hell of a lot nicer to look at.
I agree that the Control Panel is a huge mess. The search functionality in the Control Panel works extremely well though, it's how I do things now. In fact, it's also how I navigate System Preferences on the Mac. Point is, there's so many system-level options in a modern OS, it's hard to lay it out in a way that's very intuitive, and search is a great way to mitigate that problem.