
That's right, Google may soon start looking at how long it takes a web page to load when qualifying its relevance, meaning pages that load faster would hypothetically rank higher than similar, but slower loading web pages. Of course nothing has been confirmed yet, but Matt Cutts gave a speech at PubCon that alluded page loading speed could be a factor in Google's organic search results in 2010. 
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I believe that many people online, especially in the blogging world have already realized the great impact on the user experience of pages loading quicker and websites functioning better. For example, this has also led to a rise in SEO themes which are making great use of optimized code.