Wikipedia has a pretty good
explanation.
Most SD cards will do 4 bits per transfer at 25MHz, that is 12.5MB/s. This corresponds to "80x" on the speed scale. MMC cards on the other hand only do 1-bit transfers at a maximum of 10MHz, so the data rate is 1.25MB/s, or about "8x". Faster SD cards like "133x" (20MB/s) or "150x" (22.5MB/s) are extensions to the SD standard.
No-one knows what the GPH firmware does for transfers. The MMSP2 chip is capable of at least 80x and probably faster, depending on the software. Hopefully all will become clear when (if?) we get the kernel source code.