We have a couple of Wordpress powered sites in our network, one of which gets well over 1 million uniques per month. MRTG stats for January are:
Max Out: 159.02 Mb/s
95% Out: 25.92Mb/s
Certainly we do not use underpowered or bare bones servers, and of course take advantage of caching and static asset management. But the site is quick.
Having said that, I agree WordPress is not that efficient. Beyond the obvious advantages of caching and asset management, one of the things I also find important is reduce -- or better yet eliminate -- dependency on third party plugins. Most of the issues surrounding issues with upgrades of WordPress are generally due to dependency on third party plugins for functionality. The same goes for themes.
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