I read sci-fi paperbacks at about 100 pages/hour, and I've had no problems with (well-formatted) ebooks on the Sony Reader.
Loading the book for the first time can take a while (10 sec-2 min, depending on filesize and type), and some badly-made PDFs take longer to turn pages than I'm comfortable with, but all the reflow formats (LRF, ePub, RTF, txt) work fine; the pages turn quicker than I can turn paper pages.
Where you'll notice the page turn speed is when you want to back up three or four pages to check some detail; in those cases, the page turning seems slow. (In paper books, very few people flip back one page at a time; they grab two or three and flip through them. Ebooks don't have that option.)
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