PHP scripts by default are interpreted every time they are called by the http server, so every call initiates script parsing and probably compilation by the Zend Engine.
You can get rid of this bottleneck by using script caching, like APC. It keeps the once compiled PHP script in memory/on disk and uses it for all subsequent requests. Gains are often significant, especially in PHP apps created with sophisticated frameworks like ZF.
Every request by default opens up a connection to the database, so you should use some kind of database connection pooling or persistent connections (which don't always work, depending on http server/php configuration). I have never tried, but maybe there's a way to use memcache to keep database connection handles.
You could also use memcache for keeping session data, if they're used on every request. Their persistence is not that important and memcache helps make it very fast.
The actual "problem" is that PHP works a bit different than other frameworks, because it works in a SSI (server-side includes) way - every request is handled by http server and if it requires running a PHP script, its interpreter is initialized and scripts loaded, parsed, compiled and run. This can be compared to getting into the car, starting the engine and going for 10 meters.
The other way is, let's say, an application-server way, in which the web application itself is handling the requests in its own loop, always sharing database connections and not initializing the runtime over and over. This solution gives much lower latency. This on the other hand can be compared to already being in a running car and using it to drive the same 10 meters. ;)
The above caching/precompiling and pooling solutions are the best in reducing the init overhead. PHP/MySQL is still a RDBMS-based solution though, and there's a good reason why BigTable is, well, just a big, sharded, massively distributed hashtable (a bit of oversimplification, I know) - read up on High Scalability.