If the read rate is more than 66MB sustained, why can't any current drive maintain a read rate of anywhere near even 66MBps? Because there is no drive that can maintain that speed. ATA66/100 is only useful for burst transfers, and even then many drives can't get that high. As far as the bandwidth, SerialATA will only increase the amount that's available to the drives for bursting, AND for their simultaneous operation. So combined throughput of multiple drives will need the higher bandwidth, but an individual drive simply will not benefit from it in any way that couldn't be duplicated with parallel ATA (because it's dependent on the drive hardware).
The serial nature of SerialATA will be an advancement that will allow better performance and more flexibility, however this is not some brand new mind blowing technology. They're just going the next step from what we've got now.
By the way, ATA100 already exists, SerialATA will only be 150MBps in 2002...do you really think UDMA isn't going to continue getting faster?
I admit that SerialATA is going to be in some ways better than current ATA, however it still won't be quite as good as SCSI (but the price difference will most likely make it a far better value), and it won't be a tremendous performance or technological leap over ATA or SCSI. It's just evolution, not a Big Bang. I just can't get excited about SerialATA for that reason, and because it's been in the works for a while and keeps getting press releases and stuff, but it's still at least a year away. That just annoys me.