My son has been using Scratch at school and has been asking me for help with his project (I am a professional software engineer). I decided to learn Scratch (didn't take long) in order to be able to help him. I wrote a simple Asteroids-like game in Scratch for Windows. It has 6 sprites - 4 identical asteroids, a ship, and a laser-cannon shot, each one has a moderately complex script including event handlers. It flies in Windows as you might expect, but still uses a substantial amount of CPU at times, but is entirely unusable on the RPi. It improved a little with the recent Debian Wheezy release with hard-floating point but not enough to make it usable.
It is not just the game execution that is slow, simply loading the project slows the IDE down such that it becomes unusable. For example if you try to drag a block it takes several seconds before it moves, and so is difficult to place accurately and no real fun at all.
The CPU load all the time Scratch is running is 100%, and if I try to maximise the window, the whole thing just hangs - or at least does nothing for longer than I care to wait!
Having used it on Windows I think it is great (apart from having to create independent duplicates of sprites rather than true multiple instances), but on RPi I can't see it being usable for all but the simplest projects that won't really teach much about programming.
Scratch is quite slick visually and from a usability point of view, but I suspect that under the hood there is some pretty inefficient programming made viable by fast CPU/GPU hardware, but just too much for the RPi - perhaps it is not making good use of the hardware available, I would expect the ARM11 at 600MHz with floating point and a GPU to cope with this.