A big, vague question, indeed... "Speed" is a composite of many, many factors...
How many times does the webserver need to hit the disk to retrieve files? The more "include" files, the more disk hits, the more performance may suffer.
Are the database connections persistent? The more connection overhead your database access involves, the more performance may suffer.
Are the database queries efficient? Poorly written queries can impede the whole process. Is the database engine shared with many (or any) other users?
How much control over the server do you have?
If things are slow, can you throw more memory or a faster drive into the machine, or recompile the PHP interepreter, or is the server remotely located, precluding you from doing this...?
Is PHP installed as a DSO or a stand-alone binary interpreter?
Beyond speed, maintenance must be considered, too. What will provide the easiest, cleanest method of site maintenance...
I'd bet your question has as many answers as there are server configuration options and coding styles. Try thangs a few ways. Run some benchmarks. Keep the code clean. Keep the database properly indexed and organized. Then hope for the best...