Read-write times will get gradually slower as the drive is filled up. (There is a fairly simple physical reason for this - data will be written starting with the closest sectors of the drive. While everything is in the closest sectors, there is less physical movement needed and therefore read-write times are shorter. As the more distant sectors of the drive begin to be used, read-write times will increase). Technically I suspect that drive performance would be worse at 40% full than 25% full, but I doubt it would be noticeable difference. From what I've read around 70-80% full is the point at which on performance decreases usually become evident on modern drives.
There has been some interesting research done on optimising performance of drives by ensuring that regularly accessed information is stored in the locations with the quickest access times. The most interesting development in my mind (at least until SSD are cheap enough to be mainstream) is hybrid drives like the Momentus XT, which gets around some of the performance issues of drives by having a small embedded flash drive which is automatically updated to store the most commonly accessed data. I found that after about a week of using one in my MBP, opening Lightroom and Photoshop takes about one third of the time that it did previously.