Eleven megabits is a signaling rate, not a throughput. 802.11b is (as mentioned above) ~5 megabits or so (under perfect conditions). Add a little interference or weaken the signal enough, and it'll downshift to ~two megabits, then one ... another factor is the signal quality; you can have 100% signal strength and crap for signal quality, due to interference and / or multipath.
On top of that, the AP doesn't transmit and receive at the same time (even if it has two antennas; they're there for "diversity" - to improve signal quality).
So the frame comes in, gets buffered, then get transmitted out to the other wireless client .... just like a repeater ... throughput drops to half.
Transmission from wireless to wired clients should be roughly twice as fast.
You could probably speed up the transfer between the two wireless clients by using "ad-hoc" mode, so you are transmitting directly to the other station (eliminating the store-and-forward).
FWIW
Scott