Speaking from experience here, having rewritten WordPress from scratch and tried a number of frameworks before just biting the bullet and writing my own.
PerformancePress: http://neosmart.net/blog/2008/wordpress-performancepress-and...
However, speed in web-scripting languages isn't the kind of thing you notice until it starts to give you trouble. Projects get started and finished, tested and deployed, and only after the real traffic starts coming in that the dismaying results turn up.... so while CakePHP may not feel slow, that doesn't mean it isn't so.