A possible fix:

# iw dev wlan0 set power_save off

This has made a WORLD of difference with my setup above. Now getting
full speed. I wasn't having the disconnect issue like others just the
slowness... my pings to google were around 120ms now 12ms ..

Someone should try this on a fresh install...

Good luck o/

# iwconfig

wlan0     IEEE 802.11bg  ESSID:"edit"  
          Mode:Managed  Frequency:2.412 GHz  Access Point: 78:C5:B3:67:43:51   
          Bit Rate=54 Mb/s   Tx-Power=20 dBm   
          Retry short limit:7   RTS thr:off   Fragment thr:off
          Encryption key:off
-->     Power Management:off 
          Link Quality=70/70  Signal level=-38 dBm  
          Rx invalid nwid:0  Rx invalid crypt:0  Rx invalid frag:0
          Tx excessive retries:17  Invalid misc:930   Missed beacon:0

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https://bugs.launchpad.net/bugs/1444226

Title:
  [Kubuntu 15.04 beta] can't connect to wifi with Ralink RT2561/RT61 and
  NetworkManager

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