To extend upon what Lyqyd stated, the computers all take turns in running. So at any given point in time only one computer is running.
As such there is a failsafe built into ComputerCraft where if a computer is taking up too much time, and not yielding control so the next computer may run, ComputerCraft will terminate the script — with a 'too long without yielding' error — so that the next computer may run. The time this takes can vary depending on a few factors, as Lyqyd stated, but it is generally around the 5 to 10 second mark. There are several different functions which all yield, mostly if they have to wait for some form of response; sleep, read, rednet.recieve, all turtle functions, all http functions, just to name a few, as well as the obvious os.pullEvent, os.pullEventRaw, and coroutine.yield which are the three functions that you can use to yield and wait for an event.
It has been known, and I've personally seen it, that on the rare server the tick rate and CPU power is so bad that most scripts can't run even a single instruction, with each computer being error'd out when it can't possibly yield. Though as I said, this is rare, it requires a server that simply isn't designed to be running Minecraft, especially when there gets to be too many ticking TileEntities (machines, computers, etc), which just forces ComputerCraft to a grinding halt.
EDIT: As Lyqyd also stated giving an instructions per second figure
isn't useful, especially since all computers run differently and have different capabilities and the likes. However just to show the variation, and how large a number it is, I threw together a little script that simply loops for as close to a second as possible. The code is as follows:
local i = 1
local s = os.clock()
repeat
i = i + 1
until (os.clock() - s) > 1
print(os.clock() - s)
print(i)
and it yielded the following results across five tests — each test took 1.05 seconds to complete
529779
1407596
1344768
1403045
1262787
as you can see there is a
large variation in how much it can run, and it all depends on the CPU load. It should also be noted that the above numbers are simply the
i value, the loop itself is several instructions in itself. I'm not too sure on the exacts, but I am guesstimating that the loop is approximately 9 instructions long + however many instructions are internally within
os.clock.