Is it possible the 2011 iMac isn't SATAIII? This would certainly explain the speed cut if it was running 3gb/s SATAII
Yep, looks like the optical drive has been left at 3gb/s for whatever reason. You won't get any higher speeds in that bay - the only option would be to put it in the main HDD bay and get 6gb/s.
http://blog.macsales.com/10050-firmware-update-enables-6gbs-in-2011-imacs
From article:
Unfortunately, the optical bay remains at 3Gb/s.