It was pretty hard to quantify in terms of raw performance numbers. It seems the Intel Application Accelerator is a hybrid of a cache pre-fetch driver and a Ultra ATA 100 driver. I could only find a 1-3 Mb increase in the raw numbers - but the real benefit seems to be in the caching pre-fetch portion. Outlook loads in less than a second on my system whereas before it would take up to 5 seconds. The acceleration part works for XP/2000 native apps - so any old DOS app may be no improvement. But HL2 is faster!!
Here are some PC Wizard 2005 hdd benchmarks after the upgrade (on a 5400 rpm drive with an 8 Mb cache buffer):
Sequential Write : 21.37 MB/s
Sequential Read : 27.62 MB/s
Buffered Write : 61.90 MB/s
Buffered Read : 73.91 MB/s
But this drive is 35% fragmented so it may not be the best benchmark.
But it also doesn't show the whole picture. The IAA seems to work well with the drive's cache and keep some apps ready to go. Scott Mueller's Upgrading and Repairing Computers recommends large cache sizes to improve overall performance. This seems in-line with that notion.