You are absolutely right if measuring in absolute terms and measuring the AF speed in terms of time, but that does not mean it would not meet user needs. Of course 1+ second speed is not the best you can have, but if can compromise with it and don't have particular needs like sports or action ecc., well you can live with it. Obviously thats my personal ad subjective opinion, so I can use, and use, the 70-300 without flaws, if I need something faster I'll use another lens, but then the cost is not the same.
I think it comes to what is a reasonable compromise for the use and money we want to spend. I don't think you use the 4/3 70-300 all the time in a m4/3camera (at least that's what I suppose, also because it's really huge and with the adaptor it's even bigger

) so for those few times I use it I can live with the not lightining fast AF. IMHO
I also have the 35mm macro and it's slow, very slow, at times on my EP2, but doing macro of still things I can cope with it, of course getting insects (moving objects) would be a bit harder

So my advise is: try it if you can then decide if it is ok for you.