It also depends on the density of the data on the hd platter. take ibm hard disks for example. The 75GXP and 60GXP are both 7200 rpm drives, but the 60GXP can sustain a higher transfer rate. This is because its data desity is higher at 20gb per platter instead of 15. In general, older 7200rpm drives will have a lower density to achieve such speeds. The new 15,000rpm scuzzi (how do you spell it?) drives have a lower density to reach 15,000, hence the limitation of 18gb in size(for now). As they mature, hard drives generally get an increase in data density and thus a performance boost even at the same rpms.
Sorry if this is too jumbled to be of any use. Just pointin out there is more at work than just rpms.
PS: Higher drive speeds do tend to yeild a definate improvement in seek time though.