Justin,
It sounds like your platform has relatively a lot of horsepower. For this reason, I'd say go with the framework you're most comfortable with. PHP and mod_perl are plenty fast and efficient. It really depends on what modules are available for the http server that you're running.
Your question led me to take a peek at the framework that tomato firmware uses for their web interface. Their server is micro_httpd/mini_httpd with cgi extensions, and the pages are asp. There is also some javascript thrown in. Here's a link to tomato firmware where you can download the source and have a look for yourself. If your device is similar to a wireless router, you should check out other router firmware projects, such as dd-wrt, openWRT, and sveasoft.
Mateja