Is it a Iomega drive by any chance? I was using one of them. Took ages to mount it, but I wasn't having the same issues you are having when ejecting it.
USB 2.0 is theoretically faster (480MB/S as opposed to 400MB/S)
However, I think you're right. Realistically firewire is faster, not sure I'd say 3 times as fast though.
Theoretically, I could become the leader of the free world, too.
In real world file transfer, Firewire 400 is almost exactly twice as fast as USB 2.0 (I benchmarked it on a 1.3 Gb file transfer, same hard drive, same machine)