That's true, though it really surprised me how slow it felt.
In the end I pumped the terminal speed up to 115k2 and it still felt very slow. Especially quickly paging through logfiles with 'less'. I remember spending part of my college days on green screen 9600 baud terminals (before they bought enough X terminals for everyone) and they felt snappy back in the day. And there was already a lot of TUI stuff going on back then. And in those days I didn't even know about gnu screen (or today's tmux) yet!
I think I've just gotten spoilt with today's computer performance.