Chaotic42,
Inspired by your positive response, I decided to play with it a bit more.
I tuned my IDE drives just a bit more with hdparm, and have mitigated the problems. Specifically, I enabled interrupt unmasking, which was probably the cause of poor interactive system response during intensive disk I/Os (only when writing a CD, not generally). Throughput wasn't the problem, but apparently, the kernel was pretty much ignoring everything else while mkisofs and cdrecord were streaming away. I also enabled 32-bit I/O support, which is supposed to be a solid performance win.
With just those changes (DMA transfers is already enabled by the kernel for hard disk drives), mkisofs sped up by a substantial amount. Offhand, it worked fast enough to average nearly 32X write speed (when sending the output directly to /dev/null). I'm curious if you're able to master a 700 MB ISO in significantly less time than 2:45 with mkisofs.
So in an actual write test at 24X, the results were significantly better than previously. The system was still usable, and there were no buffer underruns. It turns out this write speed is 24X CLV, so a 700 MB disk is burned in a brief 3:40 or so.
However, in a write test at 48X (what should be CAV), mkisofs was not fast enough to prevent some buffer underruns. The system was also noticeably less responsive (but still much better than in my previous tests). Because at this writing speed, mkisofs was stalling the pipe, the overall writing time was only slightly better than the 24X trial.
I haven't tried 32X yet, but I'm not all that interested in saving 10 seconds of time by pushing the apparent limits of my current system. Maybe when I have a better PC, I'll experiment with a different/newer distro.
I'm still puzzled why mkisofs is relatively sluggish; it doesn't appear to be CPU bound, and I'm nowhere near the practical limits of disk throughput. I also wonder what effect the so-called low-latency patch (or similar) would have on CD burning, if any.