Well, SMTP's the name of the protocol - sendmail is one implementation, kinda sitting on top if my understanding is correct. Cutting sendmail out of the process may speed things up.
Talking more than two emails per second, one bottleneck might be bandwidth.
Another thing to consider; if these emails aren't all customised in some way, you could batch them by putting lists of addresses in the bcc: field. If they are customised then one delay would probably be their generation - in that case, generate them all in advance instead and then send them all.
Just a couple of thoughts.