I recently set up a word press blog using godaddy hosting, and it was slow. Very slow.
Their server response was between 3-7 seconds, even with proper caching and having an efficient theme there's nothing you can do about a slow server.
After been given the run around by GD, I moved host and now my blog loads much faster.
Anyway that's my public service announcement over, don't use GD! (With wordpress html websites are ok with GD)