This is working from my memory of such devices a number of years ago...
these are parallel I/O devices, which means although they can appear as serial devices, there's actually no serial processing involved at the host interface, they just emulate a serial modem. The over-the-air interface is a serial protocol, however, there's a lot of overheads of error correction, checksums etc, so you can't ever achieve that speed.
In practise, bluetooth 1.1 will (again, from memory) struggle to get above 400kbps (equivalent) speed. This is fine when you're using it on your Z to surf the internet over a 512kbps adsl circuit, but not so good if you want to access samba shares!
Paul