I had the same problem in Jaunty beta, rt2500 chipset. Network Manager
gave me 1 Mb/s. I solved this by adding:

ifconfig wlan0 up
iwconfig wlan0 rate 54M

to /etc/rc.local, as described in
http://ubuntuforums.org/showthread.php?t=853942 ([SOLVED] RaLink RT2500
rev 01 - A better driver than kernel?)

This is probably a nasty hack and i would much rather see Network-
Manager correctly configure the network speed.

-- 
wrong speed in network manager applet
https://bugs.launchpad.net/bugs/201424
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