The ethernet shield in my experience is pretty slow, about 4k a second, or about the same speed as fast serial. It's 'appropriate' for the extremely limited storage on the Arduino.
Yeah, the overhead of your code and the code for the ethernet shield. Provided they don't take up more than 1K (actually less) of the RAM with variables and such, you'll have some room (1K of room, I don't know).
Are you aware of how much RAM your code and the code for the ethernet shield library will take up?