'Phat' it is. Super fast, it's not. The extra connections in the GBA cart connector make interfacing goofball hardware to the GBA simpler to accomplish, but the SD slot can provide a pathway to many upgrades and the ones that aren't there can mostly be done via USB 2.0 jiggery-pokery.
The reason I indicate this is that while the GBA's data access is parallel, the GBA itself isn't all that fast. It's clock speed is about 16.7 MHz. This means, that without doing anything but pushing or pulling from the cartridge bus, the GBA is capable of no more than 16.7 MB/sec off of that bus. Hey...that's the same data rate as some of the better SD cards out there and under the peak for SDIO. Moreover, you have controllers handling the I/O accesses on the machine side- which means that your 600MHz of CPU is able to do other things while you're pushing data or control accesses once you issue the request to the device. In the case of the GBA, you're having it do nothing but the accesses when you're driving peak speed- so if you're making it do other work, you're not going to see the 16.7MB/sec speed there. With the SD stuff, you will. And, this doesn't even get into USB based stuff.