Overhead of a Round-trip to MySql?
The overhead of each queries is only part of the picture. The actual round trip time between your Django and Mysql servers is probably very small since most of your queries are coming back in less than a one millisecond.  The bigger problem is that the number of queries issued to your database can quickly overwhelm it. 500 queries for a page is way to much, even 50 seems like a lot to me.  If ten users view complicated pages you're now up to 5000 queries.
The round trip time to the database server is more of a factor when the caller is accessing the database from a Wide Area Network, where roundtrips can easily be between 20ms and 100ms.
I would definitely look into using some kind of caching.
So I've been building django applications for a while now, and drinking the cool-aid and all: only using the ORM and never writing custom SQL.
The main page of the site (the primary interface where users will spend 80% - 90% of their time) was getting slow once you have a large amount of user specific content (ie photos, friends, other data, etc)
So I popped in the sql logger (was pre-installed with pinax, I just enabled it in the settings) and imagine my surprise when it reported over 500 database queries!! With hand coded sql I hardly ever ran more than 50 on the most complex pages.
In hindsight it's not all together surprising, but it seems that this can't be good.
...even if only a dozen or so of the queries take 1ms+
So I'm wondering, how much overhead is there on a round trip to mysql? django and mysql are running on the same server so there shouldn't be any networking related overhead.