Yes, you should have USB2.0 speeds, but it's hard to quantify what that will be on your computer. We push the interfaces as fast as they can go: we're completely I/O bound, not compute bound.
Sorry to hear your FireWire ports got fried: there's a discussion of this kind of thing on the WiebeTech site.
Not sure what to suggest: but you can recover even if you can't boot from the drive -- see section 5 of the user's guide for the procedure.
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--Dave Nanian
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