As you implied, the connection type has a lot of impact on performance. What if we could use SSDs with the typical RAM connection?
I don't think that would help because the controller is still the bottleneck (e.g. Vertex 3 manages ~550MB/s but SATA 6Gb/s should be able to provide nearly 600MB/s).
And is the latency a matter of the memory itself, or the interface?
Well, the type of memory affects the latency (smaller CL and faster frequency = lower latency) but I'm not sure what is the affect of the interface (i.e. what would happen if you ran DDR3 on SATA interface).
Anyway, SATA and SSDs are not designed to be used as RAM so I don't think SSD as RAM would be a wise idea.