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No. If you're talking about some sort of storage (a removable hard drive, for example), you'll want to click on the taskbar icon "safely remove hardware" if you're in Windows XP. Otherwise, don't worry about it.
USB 1.01 is much slower than USB 2.0, in fact USB 2.0 is said to be faster than Fire-Wire/IEEE394. USB 2.0 can transfer approx. 100 Mbps, where as USB 1.1 transfers about 10 Mbps.
These stats aren't 100% accurate, but rather close to actual.
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