I haven't tested m0n0 lately, but testing an Alix (same chipset) with FreeBSD 6 based pfSense showed significant benefits from using a VPN 1411:
http://forum.pfsense.org/index.php/topic,14581.0.htmlI remember CMB doing some tests on m0n0wall with similar results, but I'm too lazy to find it.
I don't have the time to test this at the moment, but your results seem suspect.
Was this conclusion made by observing a live system, or running tests in a controlled environment using a near-stock config? If you have another system (Soekris + hifn) you might want to test the config on that to rule out hardware.