As someone who lives and works in the area I would rather have a more frequent slower service, than a faster less frequent service. It gives me far more flexibility when commuting.
The best way to get a more frequent service is for more people to use it. That won't happen when the current journey from London to Cheltenham is barely quicker than going via Birmingham and Swindon to Cheltenham is 15min quicker by road.
I think there are two separate things here. My experience is that if I'm travelling 20 miles, then frequency is more important than speed, so I'd agree with Noddy. But if I'm travelling, say, 100+ miles, then it's probably an unusual journey that I've planned in advance and it's going to be quite long, so then, speed becomes more important than frequency. (That is arguably part of the reason why local trains have historically tended to be shorter than long-distance trains: Because increasing the frequency for a given capacity by using shorter, but more frequent, trains, has a greater impact on passenger numbers for shorter journeys).
The lesson for the London-Cheltenham route is probably that we should be looking to speed up the London-Cheltenham trains as much as possible, while providing a more frequent local service to serve the less important stations. So I'd suggest a better service pattern in a few years would be an hourly London-Cheltenham that runs semi-fast between Swindon and Cheltenham (Perhaps: Swindon-Stroud-Gloucester Parkway-Cheltenham; I'd be tempted to extend it to Worcester Shrub Hill too, but that's not really relevant here), and an hourly Swindon-Cheltenham all-stops (including Gloucester). That way you'd get more people using the London services to travel longer distances, while at the same time increasing the frequency for the more important stations and maintaining it for the less important stations.
The main disbenefit of this would be people specifically wanting Gloucester Central having to change to get to stations beyond Swindon (which they already have to do every other hour anyway) - but in the end the railway has to be run for the benefit of the greatest number of people, and that cost would easily be outweighed by the benefits to the majority of passengers. That was pretty much the thinking behind the diagram I put up earlier in the thread which showed basically that pattern, with extra local services along the Cheltenham-Gloucester-Bristol corridor.