SATA II can theoretically reach 300mb/s (as far as I know). But in practice it never does.
I just got a SATA2 system and it runs at 150 mb/s burst and 65 mb/s continuously. If you have an nForce motherboard you can test the speed in the hardware manager.
For anyone looking to upgrade only for the sake of SATA2, i would have to caution you on that. I was building a new computer anyway, but if you are looking to upgrade your motherboard just for SATA2, I would recommend that you wait for your next major upgrade.
SATA2 is faster than the alternatives, but not that much faster.
If you want a serious boost in speed, I recommend getting a hard drive with 16mb of cache, they are extremely fast and fairly cheap. You can get a Maxtor 250gb, 7200rpm, 16mb cache drive for about $100.
Hope that helps!
As for why it runs so slow compared to its advertised speed, I have no idea. New technology tends not to live up to it's boasting in the first few years or so.