I burned a 500 meg disk at 32x, read and write to/from the same drive in 8 minutes. I burned a 600 meg disk at home at 40x (not sure the real speed using burnproof) in about 5 minutes, but using two different cd drives. IMO, I allways burn at 8-16x just to make sure I don't make a coaster, or that it can be read easier on other drives. The time you save isn't worth it for a few disks. If you burn a lot, maybe it's worth it, but I don't know anybody that does THAT many.
Edit: The 8 minutes broke out like this 3.6 to read, 3.4 to write, and a few seconds for the table of contents and other other overhead. The 5 minute broke out similarly.