Thx for the comprehensive answer!
Regarding SD cards it really depends on the card in question. While they can't exceed the 'usual' ~22 MB/s limitation regarding sequential transfer speeds there are huge differences regarding random I/O performance. Have a look at this thread here to see how even cheap SD cards with good controllers and high capacity are able to perform: http://forum.pine64.org/showthread.php?tid=469&page=2
You should also be aware that most of the times random I/O is more important than sequential transfer speeds (unless you record or stream video and stuff like that) so I would always have a look at these numbers first.
What puzzles me is the difference regarding random write speeds with small record sizes on your eMMC. It seems you have a different eMMC than me. Can you please compare these values with yours:
cid: 1501004d384731474303dc0db061506f
csd: d02701320f5903fff6dbffef8e40400d
rev: 6
date: 05/1997
name: M8G1GC
type: MMC
preferred_erase_size: 524288
cache_ctrl: 0
cache_size: 65536
fwrev: 0x0
hwrev: 0x0
oemid: 0x0100
enhanced_area_offset: 18446744073709551594
manfid: 0x000015
serial: 0xdc0db061
erase_size: 524288
enhanced_area_size: 4294967274
sysfs entry, can't remember the correct one but you find it quickly using
find /sys -name oemid