Earlier quoted context omitted.
This might be of interest: http://codeandlife.com/2012/07/03/benchmarking-raspberry-pi-...
Excellent, thanks! So GPIO performance won't be a problem, but they note that OS multitasking can cause issues: "What is not evident from the snapshots, however, is that due to multitasking nature of Linux, the GPIO manipulation is constantly interrupted for short periods when the CPU is doing something else, such as receiving or sending data over network, writing log files, etc" Running on bare metal should take car…
You can do GPIO bit-twiddling pretty fast: http://skpang.co.uk/blog/archives/323