The throughput limitation is 1MB/s per ordering key. The number of unique ordering keys allowed on a topic is limited only by what can be represented by a 1KB string, so very high throughput on a topic is still possible.
Disclaimer: I work on Cloud Pub/Sub and am the primary engineer on the ordering feature.
In the unordered case, there should be no noticeable performance degradation. This was something that we looked into extensively from both the server side as well as with our client libraries.
It would be good to know what sort of overhead we are looking at here; very interested in this feature