The speed hack does work, beautifully. Here are some of my observations:
After 10 minutes of normal gameplay, I was able to hack for about an hour (off and on using hotkeys) before I got kicked. Each time I logged on and used the cheat sooner, I was kicked sooner.
The enemies are able to kill you where you SHOULD be, but only sometimes.
If you shoot before the normal speed reload, you simply waste ammo, doing no damage, usually.
Knifing works, but it's a little glitchy/laggy.
It seems like when you shoot, they see you on the map where you would be if you weren't speed hacking, but your body isn't actually where they think.
You shoot a fuckton faster.
It's obvious as fuck you're speed hacking. I was playing with my friend and he said "you're glitching forward at a ridiculous speed, instead of the normal fluid, slow motion. Dude, it's so fucking obvious *Laughter*"
I recommend using hotkeys. I set mine to Off, 1x, 1.5x, 2x.
Also, for you moronic, new, illiterate MPGH users, if you don't immediately know the program, go back to learning on DragonFable or RuneScape. You all have some really stupid, unintelligible questions that make it blatantly obvious that you are a 1/2 year old that doesn't know how to do anything, and expects to be spoonfed. Read around all the forums, or go to the tutorials page here on MPGH. Don't you dare ask anyone where it is, FIND IT YOURSELF! Learn, shut up, leave, or kill yourself.