(I think we are both coming from that it really doesn't matter most of the time side but would be interesting to know if PHP is actually slower).
But ~300ms server response times is nothing if your end user has to wait 5-6 seconds for the page to render due to suboptimal frontend code. Plus, throw in varnish/nginx microcaching and requests drop to ~10ms regardless of your framework.
True for a single request, but once you start getting lots of concurrent requests all those ~300ms server response times start adding up quite quickly.
When Twitter started out, their use of ROR wasn't a problem. Once the service started to become popular, however, it was.
Yes, the VM itself is not fast. However, a lot of it is just a thin shim over a C call, so whether you're going to be bottlenecked by it is going to depend on what you're doing.