USB by architecture is serial (hence the "S" in the name) and will only run as fast as the slowest devices plugged in. Therefore, if you have a high-speed USB 2.0 device (480 Mbits/sec)(such as an external HDD) and are using a USB 1.1 mouse (12Mbits/sec), the HDD will only run at USB 1.1 speed.
Is my thinking correct?