It's more than that. You're also getting an increase in read/write times, so once you access the data, you pull it off the HD faster. .0045 vs .0089 is access time for a single file, but whenever you're loading a program, loading windows, or really doing anything, you're going to be pulling multiple files from multiple locations. This involves reading each file after it's accessed. Since the Raptor benefits from read/write times roughly 50% faster than a 7200RPM, a hard drive based application like installing something, running a search, defragmenting, loading windows, loading a map or program, etc, is going to feel (allow me to generalize) 50% faster. Loading a game usually takes you 30 seconds? Now it's going to take 20. Loading a map takes 15? Now it's going to take 10. People spend hundreds on their processor for that kind of difference, and I don't see why you'd let yourself be bottlenecked by a hard drive when the rest of your components rock. Ever tried installing a fast hard drive in an old PII or Pentium system? They're actually fairly fast.
The Raptor makes a tremendous difference in the overall feel of your system because the hard drive is often your biggest bottleneck. Benchmarks alone can't measure this kind of thing, just as benchmarks alone can't measure the better "feel" people who have SMP systems talk about. It's an overall boost in performance, not just an access time difference.