Nope, current consumer drives can not reach those speeds.
SATA2 brings in support for other things, like NCQ.
For consumer drives, you won't notice a difference between PATA 100 or 133 and SATA. But SATA is much nicer with smaller cables and not having to worry about jumpers.
The drive matters the most for the speed you'll get. Higher RPMs, cache, and density means it will go faster.