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I think Magento blows away all other open-source ecommerce apps and most of the commercial ones. But I've seen many people say that Magento performance on shared servers isn't great and that it runs a lot better on a dedicated server or with PHP caching. Serious stores should be run on dedicated servers anyway.
I'm thinking maybe Magento could run faster on shared hosting if there's PHP caching. The Magento people used to recommend APC but they've taken that recommendation out of their requirements page for some reason. I believe there was a site featured on their blog that was running Magento with XCache.
If you see this old topic here, it's mentioned that Dathorn can't run PHP caching because of phpsuexec. I installed Magento once on my shared account and it felt a little sluggish. Of course this is absolutely no fault of Dathorn; Magento is just a bit heavy. Some say it's bloated but with the amount of built in features, I'm not surprised it needs a little more juice to run properly.
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