The Talgo XXI does 159mph, and the Russian TEP80 did over 168mph in a test run, which is even preserved on video: http://www.youtube.com/watch?v=wwYXjxXFha0 http://www.youtube.com/watch?v=DWDdNe_zx5A
South of East Croydon a substantial stretch is just double track (one in each direction), though most of the line has four tracks (which still makes for a massive chokepoint if a train fails) , and many of the stations have very few platforms and no extra track for trains to pass on. North of East Croydon, there's massive capacity problems on the approach to London Bridge, and on the path from London Bridge in to Charing Cross.
The result is that the slightest little impact to the time table at half a dozen points or more along the line have carry on effects along the entire line.
Increasing the speed of the trains would be great, but without upgrading capacity the slightest little problem would force a lot of following trains to slow down anyway.
EDIT: Apparently the "third rail" is also a problem for increasing speeds.
http://en.m.wikipedia.org/wiki/Bombardier_Voyager_family
They're much more comfortable and quieter than the 125's (43's + mk3s) plus they don't give you a face full of fumes when they start up or scare your children :)
The route master gave many people lung cancer who worked at the depots, my father included.
Here's what it sounded like: http://www.youtube.com/watch?v=8H-WKRIXynQ
Apparently the sound of the Valenta engine was used a clip in a song but I've never figured out which one.