No, it's not as fast. I tested it myself with a ADATA S102 16GB USB3.0 stick on a USB2.0 port on my Vaio laptop with Windows 7 64-bit. Speeds (MB/s)?
FAT32 - about 25-30 write / 30 read, but of course the limitation of a single file that's not larger than 4GB is silly on a 16GB stick
NTFS - about 25-35 write / 30 read
exFAT - about 17 / 25
the write speeds were enormously different (copying same files - an ~8GB .iso file, and a full HD movie in .mkv format (~8GB)).
I tested it because I use Windows at home, but there are Macs at my University and I wanted compatibility. But when I saw the write speeds on exFAT... I just decided "No way, I'm goin' back to NTFS!" and so I did.