Analog modems are by far the slowest component, but I wouldn't say the biggest bottleneck.
The hard drive must be the biggest bottleneck, since everything is stored on the hard drive, and everything must be retrieved from it - and it is one of the slowest components, next to analog modems (which are horribly slow).
If hard drives were as fast as today's memory (RAM or cache), computers would be many many times faster. Video fillrate also, but I wouldn't say it is as much of a bottleneck, since really we have enough of that for most things it's just in 3d gaming that people complain...
So, the hard drive is the biggest bottleneck.
-RSI