I do a lot of work in CodeIgniter as well as Rails (w/ Ruby 1.9.2 in production), and there's no doubt that my CodeIgniter apps on slower servers with little-to-no deliberate optimization are faster than my Rails apps.
For just one particular example, I have found rendering partials in Rails are such a point of poor performance that I have often found myself avoiding it.
There's this red herring (and a pet peeve) that making the framework 'less bloated' by dropping components or making them optional equals performance. You'll even see a comment on this blog post asking which components to remove to improve performance! It doesn't work that way when the core components of Rails remain slow.
While the speed of Rails had Ruby 1.8.7 to blame for a long time, now that it's being dropped I think 4.0 has a unique opportunity to optimize for 1.9 and make a big difference to the overall speed of the framework.