Well, I can give you the point of view of someone who's moved from Debian to Gentoo.
To me the big plus isn't speed, in a few cases you'll notice a speed increase, but most of the times there is none, not in my experience anyway.
I believe when most people talk about speed, it's more of a placebo effect.
The big plus however, is that the portage tree is kept very up to date.
Im running KDE 3.1 RC2, and IIRC it took less than 48 hours for it to be included in the portage tree after the release.
Debian OTOH doesn't even have KDE 3.0x in their unstable tree, sure you can get it from unofficial sources, but as far as Im concerned, that's not the same thing.
As for portage vs APT, both have pros and cons, APT has "reverse dependancy resolving" or whatever you wanna call it, if you remove KDE with apt-get it'll remove all the subpackages as well, portage won't do this.
But OTOH portage is better at handling several versions of packages on the same system, so when you run Gnome2, you can still keep all the old Gnome 1.4 libs around for programs that haven't been ported to GTK2, which is very handy.
All in all, I'd say Debian is more suitable for situations when you need stability above bleeding edge, such as a server, or if you simply feel that you don't need the latest and greatest on your workstation, while Gentoo will be far better if you're like me and like to play with the latest stuff.
Oh and the compile time thing, it isn't really a big issue IMO.
Initial setup will take some time, no doubt, compiling glibc, X, etc will take a load of time, but once you're done, you're set.
And when that new flashy version of KDE comes out, just compile it overnight, no biggie.