You understand correctly.
Remember that we are talking about 'theoretical maximums' when talking about HD speeds, SATA bus speeds and USB speeds. The closest that you'd get over the SATA II bus would be with something like a 10k RPM Raptor, but even that would burst max at around 175MB/s
USB 2 has a high theoretical max bandwidth but, because of architecture constraints, you will rarely see anything above 40MB/s, so, yes, hard drives are sloooooow on USB 2.