Yes, speed of your blog is very important to get SEO (search engine optimatization) and better indexed by search engines, the faster your blog's loading the better your blog will be indexed by search engines. Anyway, in earlier post about Blogging I have posted an article Test your blog/web speed using Stopwatch helps you identify which items are taking the longest to load. And now you can even test your blog/web speed even better using toold from Pingdom(dot)com with very detail results such as: Total loading time, Total objects (KB), (X)HTML, RSS/XML, CSS, Scripts, Images, Plugins, and more.
How does it works?
Once you've typed your blog/web URL address on Pingdom, you will see the result I mentioned above with a very detail, as you can see in the screenshot below for bloggerclick.com
Well, if you think your blog/web get a slowly respond in loading, it is better for you to remove some of widgets, and also you can minimize your blog "home" by putting them at least about article posts max 5 posts in there.