How long has this been going on? Since April, 10? In that case, if you haven't heard about it already, then you're welcome. http://analytics.blogspot.com/2010/04/making-web-faster.html
There have been numerous threads on this already, as well as on the google blog; http://googlewebmastercentral.blogspot.com/2010/04/using-site-speed-in-web-search-ranking.html This was also mentioned several months back and featured as part of the "faster web" series.
not something most people need to worry about. if you are using a good host, your server will load your site really fast. unless your coding or onsite elements take longer to load
Old news but one reason to think a little more about cheap hosting on boxes that are overloaded. Seems google is taking speed as a sign of quality so I would suspect we will also hear a lot more complaining about free blogger accounts getting axed due to spam in the coming months.
Old stuff. (Posted in April in Google Webmaster central). But it is an incentive not only to get out of cheap hosting, but also to clean up your html pages from all the crap they contain.
You are right. If your site takes 3 sec. to load then Google index that site very fastly and too much time for load means late index for your site.
More faster more visitor will stay at your site...lol I think Google use the right way for this rule...