With hardware encryption, there should be little difference in backup times as there is little overhead to the overall stream of data.
Software encryption however is done on the client machine and requires CPU cycles from the host you want to backup with an encrypted stream.
Note, that in one case, data is sent over the wire encrypted all the way to the tape. Where as in another encryption happens only at the tape drive with all network traffic not being encrypted(or whatever BE uses by default) For some organizations this is a risk...
Now for Software compression, all data is compressed at the client machine and sent over the wire in it's compressed form, thus less bandwidth is used over all. More efficient sure, but again, the cost is CPU cycles on the client machine.
If you go to the support site picking your respective product, there are a number of best practice guides for various topics, and I'm sure if you search for compression and/or encryption there are some to read up on.