The newest generation of drives can touch 200MB/sec on the inner tracks, so they would be somewhat limited by ATA/133 speed. But in general use it's actually pretty uncommon to peg out the transfer rate on a hard drive anyhow, so it's not likely that you'd even notice a difference unless you're dumping huge contigious files back and forth between drives constantly.
But it also depends what sort of interface you're using. A PCI SATA card will realistically only hit 90-100MB/sec at best, because there's only 133MB/sec total bandwidth to go around between all the PCI devices, and there's a certain amount of bus overhead too. If you're using an IDE->SATA converter, the speed will likely be limited even further... I wouldn't expect more than 50-60MB/sec out of those things.
IDE mode on a native SATA controller, OTOH, doesn't really have much of a speed disadvantage at all. While it's limited to the IDE command set, it's not limited to IDE speeds... a SATA/300 controller in IDE mode will still be able to do 300MB/sec (theoretically, anyway). NCQ and such really only show significant benefits on SSDs.