Access is a little slower when joins must be performed. How much slower depends greatly on the features offered by your particular DBMS, and how the physical database design exploits those features, and on the most frequent access patterns. There are a few access patterns where storing a lot of data in one row wastes time, because the entire row is retrieved, but only a little of the row is used. It depends.
When data is stored in a single table and the normalization rules are deviated from, update is typically slower. How important speed of of update is versus speed of query is dependant on the particular way you use this database.
In general, a lot of newbie database designers tend to put more weight on speed issues than those issues deserve. If your data model is inflexible and incomprehensible, but you gain a 10% speed improvement, you have probably done more harm than good.