Several comments. First of all I like the elementtree syntax, it's very simple, and probably more the reason I plan on using it than the benchmarks.
Secondly, it's great that it's available in identical form in both Python and C versions. Not everyone can install C modules on their server, but offers a massive performance boost for those that can.
Lastly, the performance overhead of reading in and parsing the file is a significant, if not the only, benchmark. It is one constant that everyone needs to be able to do, but you cannot tell what the user plans to do from that point onwards.
I had written a similar C module for PHP and was planning to port it to Python before discovering elementtree. I'll now abandon that idea as Fredrik's module is perfect for what I need. Well done Fredrik.