It's an extra burden on the user, too. People are on the Web not to enjoy your Web design, but to get something done.
A bad website is like a grumpy salesperson.
Ultimately, users visit your website for its content. Everything else is just the backdrop.
Right now, the Web is so slow that even the fastest line is going to suffer with multimedia and get in the way of the user's goals, and reduce the quality of the user experience.