Here's the full text on the speed enhancement.

Quote Originally Posted by d20srd
Speed

When making a full attack action, the wielder of a speed weapon may make one extra attack with it. The attack uses the wielder’s full base attack bonus, plus any modifiers appropriate to the situation. (This benefit is not cumulative with similar effects, such as a haste spell.)

Moderate transmutation; CL 7th; Craft Magic Arms and Armor, haste; Price +3 bonus.