A lot faster.
But probably not twice the speed on an average USB drive.
There are too many factors apertaining to an individual system to quote exactly.
dads comp has usb 1 port. he has a pretty good printer/scanner attached. he is doing a little project that's going to need a lot of scanning. a little balloon pops up now and then and says "it'll be faster if you use a usb 2 port" so i was thinking "how much faster?" scanning 1 piece of paper takes about 1 min to scan and process.
USB 1.1 specification has a maximum data transfer rate of 12 Mbit/s.
USB 2.0 specification has a maximum data transfer rate of 480 Mbit/s.
Thus a fortyfold increase of the theoretical data rate. However if the device only communicates at, say, a maximum 120 Mbit/s there would only be a 'mere' tenfold increase.
With usb 3.0 now out it is 10 times faster than usb 2.0 and is backwards compatitable to the older versions. The up take by motherboard manufacturers has been slow but by the middle of next year it should be ok. Windows 7 also has a new format for usb sticks called EXFAT and is the default format. It combines the simplictity of FAT32 and the speed of NTFS you can format your sticks with this format using VISTA with SP2 installed or if you have XP a patch from Microsoft will be needed.