I think this drive is over USB 1.1, it just does not use the full 480Mb (60MB) of USB 2.0. The one labeled Hi-Speed does go to 480Mb, Im guessing this one probably uses slower Flash memory so cannot go quite this fast, but thats not to say its limited to 12 Mb/s.
Then again, I dont have one to test, so this is just speculation. If anyone has already ordered it, plug it in when you get it and see what windows (or whatever OS you use) says it is.