I agree with you John, as we're both members of the sports photography fraternity!
I usually shoot at 1/250th, F2.8 at ISO3200 for very dreary indoor situations, with some minor hand and foot blur.
For better lit indoor situations, I'd gladly get that shutter speed to 1/500th if I can get it.
If I was shooting in the same situation with a DSLR with max ISO1600, I'd probably shoot RAW format, knowing full well I'd need to lift the exposure compensation by a full stop using software (like RAWSHOOTER).
As John pointed out, having a lens faster than F2.8 is definitely an advantage, as F1.8 gives you another full stop of light (and a hair extra) to work with.
However, whenever I use my 50mm F1.4 lens at F2 or F1.4, I find that some of my shots aren't in focus, because I'm often prefocusing my shotsthen panning "on the fly" and the limited depth of field at those apertures can be a little difficult to work with, specailly if your subject is moving fast.
Having said all the above, we'd all agree that this indoor sports photography pushesthe limits of our equipment and our photographic knowledge if we want to improve our images.
And John and I agree, there isn't one all purpose sports lens. There's the lens at the time that catpured the moment, the light andcomposition sonicely that after you can sit back and look at the shot on your monitor with a beer in your hand and say "Yup, I did a pretty good job on that one!".