http://www.linux.com/howtos/CDROM-HOWTO/x1186.shtml
Here's one way. This command measures how long is takes to read 1500K of data from CD:
% time -p dd if=/dev/cdrom of=/dev/null bs=1k count=1500 1500+0 records in 1500+0 records out real 5.24 user 0.03 sys 5.07
The transfer rate of single speed drives is 150 kilobytes per second, which should take about 10 seconds. At double speed it would take five seconds, quad speed would take 2.5, etc.
The "real" time above is probably the best number to look at — in this case it indicates a double speed drive. You can increase the amount of data transferred to get a more accurate value (the data does not get cached). You should probably run the command a few times and take the average.