Memory mapping has a potential for a huge speed advantage compared to traditional IO. It lets the operating system read the data from the source file as the pages in the memory mapped file are touched. This works by creating faulting pages, which the OS detects and then the OS loads the corresponding data from the file automatically.
This works the same way as the paging mechanism and is usually optimized for high speed I/O by reading data on system page boundaries and sizes (usually 4K) - a size for which most file system caches are optimized to.