Well, when I built the drivers I used 19200 as the baud rate, which is quite slow for serious applications. It is definitely possible to increase the speed (in both the Mathematica driver file and the Arduino firmware) to 115200, which is the fastest I have seen with an Arduino. However, I would be surprised if it would ever be possible to have something akin to
Do[(DeviceWrite[aruidnoObject,<|pinNumber->1|>];Pause[1/10000];DeviceWrite[arduinoObject,<|pinNumber->0|>;Pause[1/10000]),{5}]
work faster than about 1 KHz, because the front end combined with all of the necessary Mathematica functions to write over serial, etc. add up pretty quickly and the timing becomes problematic.
Instead, I am currently developing a new functionality (using DeviceExecute), which would basically send one command over Serial to the Arduino, which would then cause the Arduino to run some pre-uploaded code (in C/C++), at which point there would be absolutely no problem doing things on the order of microseconds.
This is not yet available because what I plan to do is be able to write whatever commands you want the Arduino to be able to execute in Mathemetica using Symbolic C, then have Mathematica automatically update the firmware file, and then automatically upload the firmware to the chip, all without ever leaving Mathematica. I haven't quite gotten that far, but the most difficult task to me would seem to be the Symbolic C portion of it and the updating of the firmware, as I have accomplished just about all the other tasks.
Also, if you would like to change the baud rate on your drivers, you can do so by opening up the package in Mathematica, and right underneath Begin["Private
"] is the definition for open[], which opens the Serial Port. Here, you can change the option from "BaudRate"->19200 to "BaudRate"->115200.
Changing the Baudrate in the Arduino firmware file, you can open up the file, and down a ways is the void Setup() loop. The second to last line here is Serial.begin(19200). Just change it to Serial.begin(115200), and re-upload it and you should be good to go. I tried this, and it seemed to have about 1 KHz frequency, but stopped flashing after a second or two and stayed on, so it's possible that the Arduino runs it fine, but after it finishes Mathematica takes a couple of seconds to catch up.