(12/01/2012) - I've bought several 16GB Play.com sticks from here in the past for what I now paid for this 32GB Play.com stick, so the price per GB has effectively halved which is a great start.
Running a speed test with Bench32 showed a max of 15MB/s write and 18MB/s read which is good, but testing with H2testw (write/read test of the entire space) showed a real world write speed of 11.6MB/s taking 44 mins to fill the entire stick and a read speed of 16.9 MB/s taking 30 mins to read back the entire stick.
Not as fast as the advertised 'up to 23MB/s' read speed but thankfully not as slow as the 'up to 8MB/s' write speed. In conclusion it was definitely worth the 16.01 quid I paid (I got 10% off which was an added bonus).
(UPDATE 17/07/2012) I received a 4th of these 32gb sticks today and the speed is significantly worse than the previous 3. On this latest stick I see 4.3mb/s write and just under 12mb/s read with Bench32, the H2testw read/write test of the entire stick took 2 hours 18 minutes to fill it at 3.71MB/s and 50 minutes to read it all back.at 10.2MB/s. A far cry from my first 3 sticks.
Cheap? YES. Quality? not as fast as they used to be, but still perfectly usable.