I have a lot of nostalgia for my bbs days, but one thing I distinctly recall was the slowness of it all. The palpable improvement when you went from 300 baud to 600 or from 14k to 28k to 56k.
I think we romanticize this stuff too much. Even showing a splash screen of ASCII text was stuttered. Chat operations were slow over the wire, you just never knew because ... maybe they just hadn't typed anything?