Wtf??
Okay, all other things being equal, a Parallel ATA drive will perform exactly equally to a Serial ATA drive. (Until drives get sustained spindle-to-RAM speeds in excess of 100 MB/s.)
Why? Because it's the same drive. It still has the same seek time, still the same spindle-to-RAM speed, same cache, probably the same firmware, even.
However,
newer drives will tend to outperform older drives for many reasons, even the same technology. This can be due to firmware differences, higher density platters, larger cache... The website
Storage Review is pretty much the defacto standard in hard drive reviews. They recently reviewed both the PATA and SATA versions of the
Seagate Momentus 7200.1 notebook drive. Note that the ONLY difference between the drives is the interface. In 'raw benchmarks', the SATA drive actually is WORSE. (lower spindle-to-RAM speed, higher seek time than its PATA counterpart.) But, it does score marginally higher in the 'real world' tests. This is likely due to firmware improvements. In fact, the only test that moving to SATA alone should make an improvement is the server test, where command queueing is used. And in this test, the SATA drive crushes the PATA drive. Every other test is a marginal increase, that could probably be had with a PATA drive using a new firmware.
Note, though, that the SATA drive draws a LOT more power on idle, which would reduce battery life.
If you sift through their 'Testbed3' test results in the performance database, and compare ATA-100/133 drives to their SATA equivalent, you'll see a mixed bag. With some drives, the SATA is faster, with others, the PATA is faster.
edit: And Seagate has a 10,000 RPM 2.5" drive, the Savvio 10K.1, but it's SCSI.