How much you willing to spend?
Yeah it's actually very quick, I can write a 350MB file in less then 2 minutes via USB 2.0 card reader. I've had my 8GB Microdrive for quite sometime and here is what I recommend:
Just get a 4 GB SD card
http://froogle.google.com/froogle?q=4gb%20sd%20card for <$100. Just make sure it DOESN'T say "SDHC".
If I could buy a different item instead of my microdrive, I would. It does take about a second or two to initially read the file/folder/etc... each time it starts up. Besides that I never hear it skipping... ever. It takes alot of dropping abuse too. Battery life ain't bad with microdrive mode. I mostly use my Axim + MD for video and it's great. I could usually watch about 2-3 hours of video at the lowest brightness setting (night mode :) and thats including using my BT headphones.
Noise... I can hear it starting and stopping in a quiet room but to hear it spinning I need to put my ear to it.
Microdrive mode is an option in some programs that stores your media in your axims memory then spins down the drive to save power. Without it, it constantly spins. If your the kinda person that likes to listen to like 5-10 seconds of a song then skip to the next track until your happy, that really drains your MD faster because thats about the time it takes to cache up. WMP has NO microdrive mode so the other other programs I know that has it is TCPMP, CorePlayer and MortPlayer. I really love TCPMP/CP's MD mode because there isn't a delay while starting a song, just the 1 second it takes to spin up. But if you have bluetooth headphones and need AVRCP and MD mode, your only free option is MortPlayer.
One more thing: it's very difficult to remove my particular MD. Since this my first ever CF type card, I don't know how a actual CF card is to remove but I am sure it's similar. I recommend two pieces of regular CLEAR tape, not the fuzzy stuff, joined on top to make a tiny pull strip to easily yank it out. And also it adds a bit more weight to your device.
Froogle around. Search for "8gb cf card" and you can find a flash one for about $180. I paid $200 for my 8GB Microdrive. The reason I went 8GB instead of 4GB is because the price per GB ratio was better. A 4GB MD in my local computer store was $150 FYI.
My cons: Slow 1 or 2 second startup, adds more weight, hard to remove, drains battery somewhat more then flash, not 100% noiseless but hardly noticeable
pros: coolness (amaze your friends with probably the worlds smallest hard drive), good price per GB at the time of my purchase, fast reading and writing, metal casing
My exact MD 8gb (not a link to buy + also it says photo drive but I used it for everything but and it works good):
http://www.seagate.com/products/retail/flash