Stripping out comments and whitespace is unlikely to speed up execution (technically, I suppose it will speed up parsing, but I wouldn't have thought skipping comments and whitespace makes up a noticeable portion of the runtime of most scripts). It will probably speed up download time, although the savings might not be as large as you would expect because JavaScript can and should be compressed by the server using gzip. Most authorities on making pages load faster seem to recommend minifying JavaScript and combining files where possible.
Consolidating the files reduces the number of HTTP requests the browser has to make, which can make the page load faster because each request has some overhead. On the other hand, JavaScript libraries can be loaded from a CDN like http://code.google.com/apis/libraries/ , and if you do that users may already have a copy in their cache, whereas if you load one combined script including a library and your own code from your own site, users won't get that caching benefit.
Finally, debugging minified JavaScript is a serious pain, so don't minify any JavaScript in active development, just when you are ready to move to production.