I'm putting this here so I can use it for later.
I have the following:
150GB HDD of which 123GB is filled with data on a Dell Optiplex 330 the source computer
1TB Western Digital MyBook Essential Edition as the backup media
A copy of the latest Ghost Corporate Edition (2.5) Windows PE boot CD running Ghost32.exe
Taking a ghost backup using the disk to image option using Fast Compression.

The timing:
While doing the copy Ghost Reported a data copy speed of around 800-1000MB/min therefore

153600MB / 900MB = 170 minutes = 2 3/4 hrs