Four things primarily affect HD performance. Of course interface limitations and other issues can enter into the equation but in general
Speed - All things being equal a 15,000 rpm drive is twice as fast as a 7200 rpm drive, a 10k drive is almost twice as fast as a 5,400 rpm drive.
Platter Density - How much data you can find in a given area on the drive affects how fast info comes off it. If one drive's data is twice as dense, all things being equal, it will be twice as fast.
Platter size - Data rate is affected by an extent by platter size. If two drives spin at the same rpm, then again all other things being equal, at a point say 2" from the center, they will have the same rate of data past the read / write heads. However if one drive is bigger than the other, then at the outer edge, more "disk" passes under the head in one revolution on a 3.5" drive than it does on a 2.5" drive.
I/O tweaking - Manufacturers tweak how a drive handles I/O in order to match there market. For example, as indicated above, all things being equal a 15k drive is twice as fast as a 7200 rpm drive....and a 15k drive is 50% faster than a 10k drive. However they are not equal as the manufacturer's have tweaked their drives to operate best for their chosen market. Optimizing a drive for server performance for example, means it's not optimized for single user or gaming performance. Asa result, the 15k drive despite its inherent speed advantage, which is optimized for server usage, may be better and may be worse in gaming.
Let's say this optimization cuts down gaming performance by 30% in one game and 60% in another. That would mean that the 15k drive's 50% raw speed advantage is hampered by not being optimized by amounts of 30% and 60%. So while it would still be 20% better in the 1st game it would be 10% worse in the 2nd.
So the reason you can't just compare one factor is that one drive might spin twice as fast but the slower one may have greater density, may not be the same size and how was it optimized ?
Here's some comparisons between a fast (Fujitsu) SCSI drives and the Raptor and a typical 7200 rpm 500 GB drive for example
Far Cry: SCSI 1099 / Raptor 935 / 500 GB 665
Sims 2: SCSI 885 / Raptor 1010 / 500 GB 690
WoW: SCSI 885 / Raptor 775 / 500 GB 545
Access Time: SCSI 5.7 / Raptor 8.0 / 500 GB 13.5
Max Transfer Rate: SCSI 97.4/ Raptor 88.3 / 500 GB 69.0