I've the same problem in Hardy Beta, Kernel 2.6.24-16 and rt2500pci card.
I've 10/10 Mbps Internet Optical Fiber connection, but speed indication on 
Ralink card is 1 Mb/s and signal is 50/70 %, very slow speed (50/100 kbps).

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[Hardy] Low bandwidth with rt2400 / rt2500 drivers
https://bugs.launchpad.net/bugs/190515
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