I've got that same printer. In my testing, as well as testing I once saw on CNET, the printer actually prints faster with the parallel cable. The printer came out long before USB 2.0 was fully developed. Thus it must use USB 1.1.
Since the parallel cable has more bandwidth than USB 1.1, I can see why I get faster printing with the parallel cable.
Edit: the printing is only slightly faster (about 1 page/min). USB does have an advantage that it uses less of your CPU time than parallel, so if you run CPU intensive programs at the same time you print, you will get better results with USB.