You wouldn't notice any difference. The ATA speed is only a burst rate and I don't belive any normal CD or DVD-ROM is going to hit 33 megs/sec. In fact running some quick numbers (I may be wrong) I think a 16x DVD (I'm not sure what speed they are up to) would max out at 20 megs/sec (and that would only be at the inner tracks.)
Also, the burst rates come into play most often with short transfers, such as reading many small files. With DVD and CD-ROMs you tend to play media and other long files off of them, so burst rates come into play even less for the type of work they typically do.
If you're concerned with performance (for CD to CD copying and such) then putting it on it's own IDE channel is the most practical thing that you can do.