I wrote a little review on this thing in the Gear forum a while back. In my experience, it’s plenty fast, faster than the TR’s internal drive even.
The 400 megabits/sec of FireWire/iLink is equal to 50 megabytes/second, but no 2.5” notebook drives can transfer at even close to that speed. Don’t worry about the 20MB/sec spec, it’s on par with a lot of portable drives. It’s definitely fast enough to watch movies, I have some ripped DVDs stored on it, and they play just fine.