I'm having this issue also.  The speed's not just being reported wrong,
it really is slow.  Transferring files over the network Nautilus reports
speeds under 100 KB/sec.  Booting an older Kernel per Jaako's suggestion
resolves the problem.  In my case the adapter is only a meter from the
router.

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network-manager-gnome reports incorrect wireless rate of 1Mb/s for 54Mb/s 
capable zd1211rw based card
https://bugs.launchpad.net/bugs/477212
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