"A full SD don't mean you'll be slow down. "
But surely if your 16gb SD card is full... you'll probably have too much of somethings.
Like COLGeek wife's had too much pictures causing trouble with the "previsualization" module.
COLGeek :
I have seen this personally with my wife's Samsung Note when its phone memory is nearly maxed out (she takes and saves WAY too many pictures).
Similar issue could be see if you:
-have tons of ringtones and try to find one;
-or have tons of applications;
-or have tons of songs and search for one.
-or have tons of books.
Too much of something could slow down your phone critically.
I never had issue like this, but I only had a 2gb SD which also means less stuffs.
With COLGeek experience, I can only recommend to never completely fill your SD card.