Correct me if I am wrong.
Instead of using the hardware UART of 8051, I am now using Port 2.1, 2.2 as serial port and talk to a PC serial port running at 115200 bit/sec. If my 8051 is running at 11.059Mhz which means 1 cycle=9.04x10^-8 sec. For the good old 8051 each instruction need 12 cycles=1.085x10^-6 sec.

On the other hand, 115200 bit/sec means the time between each bit is 8.68x10^-6 sec.

does it means I don't have much time to handle the bit stream and I better clock up the frequency to avoid lose of incoming data?