The main reason why newer drives will refuse to work any faster than ATA/33 on a 40-conductor cable is to avoid interference. An 80-conductor has the necessary shielding to prevent data loss and corruption during high-speed transfers.
Technically, you can use a 40-wire cable for speeds up to ATA/100. However, the risk of data corruption is much, much higher. That's why newer drives default to ATA/33.
Though this is off-topic, I would disagree that the benefit is a mere 5-7 MB/s. Average transfer rates over ATA/33 on faster drives is closer to 20MB/s due to overhead and LOW peak speeds. Over ATA/100, you can easily average over 40MB/s with peak burst rates getting as high as 85MB/s. That's not even in a RAID configuration.
~cdogg
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