Recent smartphone processors have since about doubled their clock speed and quadrupled the processor count. Even half that would bring response times below a second, which would be much appreciated.
I have two odroid U2 that I use for testing distributed and multithreaded code. One odroid core (exynos 4412 @1.7GHz ) is more than 8x as fast as the pi, for some numerical simulation code (ODEs). Storage is eMMC, so should be faster than the class 10 SD card in a Pi. It was very easy to get Linaro set up on them (for headless use, as compute servers). Recommend highly.
I use my two RPi for file serving, backups via rsync and btsync, limited web (one is at a remote location).
There's a utilite pro on order as well, but they are a bit backlogged, as I understand it. I'm looking forward to the 2x Gb eth (odroid is 100Mb) and faster bus and disk speeds.
http://linuxgizmos.com http://www.cnx-software.com http://liliputing.com/tag/mini-pc http://www.fanlesstech.com
What I'm saying is that you could implement the equivalent of OwnCloud and CalendarServer on the Pi knowing that it needed to be memory and CPU efficient, and no doubt get 300 - 500mS responses. But that would mean not using frameworks that start by assuming you have at least 1GB of memory free and can run an interpreter (PHP) on an interpreter (JS) on the actual code.
Looking at the code for these I think the biggest issue is memory for them. A 2G Pi would probably do what you needed, trying to swap on the Pi (especially if you do that to an SD card) makes it really really slow. Its better if you can swap to an NFS mounted file system, and even cooler if you can swap to a custom memory instance in another server :-)
SI units are not capitalized unless they are someone's name, such as Pascal (pressure) or Newton (force) etc.
http://images2.wikia.nocookie.net/__cb20100726071250/xkcd/im...
Personally, I think they should wait until they can make a dual-core 1.5 Ghz Cortex A53 with 1 GB of RAM for $25, which may be possible by 2015, and maybe a quad-core 1.5 Ghz Cortex A53 one with 2 GB of RAM (and perhaps a few extra stuff), for under $50 (I would make it for $40-$45 so the total cost with shipping and whatnot still remains under $50 for most people, instead of going over that price point). A single core Cortex A53 at 1.5 Ghz (its stock clock speed) would be ~5x faster, and also 64-bit. By the way, Cortex A7 and Cortex A53 are both the true successors of the ARM11 CPU RPi is using, and they serve the same markets.
The $25-$50 market, is still probably their best market, since a lot more companies compete at the $100-$200 level.
They are in a great position for volume, so should be able to do better than the current choice that was suboptimal in so may ways. Not clear that the 64 bit stuff will be that cheap soon (plus porting code will take a while) but it depends when they are going to do something. Cheap is important.
My conclusion: The Raspi is slow for serving with dynamic languages. Compiled stuff is fine.