[raverbashing]

Depends on the WP plugins, I suppose (and Indexes created, and MySQL tuning, etc)

[mrsaint]

And themes. It's not unusual to see themes that cause 100+ database queries. Per pageview.

[trebor]

Lots of these themes include 3 menus. And Wordpress menus are notoriously query heavy. That's why a lot of sites have caching—not because the page is large, but because the menus take so long to load.