Thanks for the replies. I sounds like my expectations were not based on reality. In addition to being better (than Apache) at managing a large number of simultaneous connections I guess I was also expecting to see similar improvements even with a single connection.
If I understand you correctly, it appears that PHP is my bottleneck, not necessarily LiteSpeed. So, perhaps eAccelerator along with LiteSpeed will give me the performance I'm looking for with my Wordpress site.