Compare the first Raptors to the 7.2k's of the time and they are fine, compare them to todays 7.2k's and a lot's changed over the last few years, it'd be like me comparing an old 1.4 Athlon to a 6800 Conroe.
4.2k - 5.4k is a massive difference, 5.4 - 7.2k is again very noticeable, 7.2k - 10k is slightly less noticeable in average desktop use. For my money it's a SCSI 10K boot drive combined with a SCSI 10 k scratch drive with a load of ATA/SATA 7.2k's for storage. It's amazing what a difference offloading IO from your boot drive makes to overall multitasking performance while doing IO intensive stuff.