Well it would depend on the slower drive's speed and on the SATA I speed restriction (150MB/s). Most hard drives which are 7200RPM have speeds around 150MB/s (some of the newer drives can go up to 180-190MB/s) and the SATA I interface allows speeds of up to 150MB/s. So you won't be bottlenecked that much if you transfer data between a SATA I drive and a SATA III drive. Have in mind that those are optimal speeds and real life transfer speed is affected by more things - like your system, your drive usage, the number and size of the files you're transferring, etc. So you probably won't reach the 150MB/s in most cases, which would mean that you won't lose any speed because of the different SATA versions.
So the bottom line is this - if the...