Not really, as 5.400 RPM HDDs, even the 2.5" S-ATA ones offer between 70 to 80 MB/s (sometimes even more, if it is more dense/has bigger capacity), and Firewire 800 offers 65 to 75 MB/s.
You can use the following applications to benchmark the speed of your internal HDD:
You can get a speed boost by keeping os x on the internal drive and putting your user account on an external drive, or vice versa. I'm currently booting from an SSD connected via FW800 and it works fine.