We investigate experimentally the impact of photon cavity lifetime variations on the static and dynamic performance of high-speed 1.3-mu m wavelength wafer-fused vertical-cavity surface-emitting lasers (VCSELs). The photon lifetime is modified by decreasing the top mirror reflectivity either by shallow-surface etching or by Bragg-reflector layer-pair removal. Significant improvements in both static and dynamic VCSEL performance as well as the extraction of internal VCSEL device parameters are achieved.