I must admit I love speed in figure skating, it may be one of the things I like the most of this sport: the flow and the speed. This is also why I especially love the (ex)Oberstdorf team.
Of course musicality is as much as important!
I think speed is especially important in step sequences, not just approaching the jumps (but I love jumps approched with speed and that have a good lenght, they are very spectacular).
If there is no speed in a step sequence, it's going to be *veery* boring. The new scoring system requires a million of turns, steps,twizzles and rockers and counters and..so on When they are not done with speed, the step sequence never ends and it gets extremely boring (especially to who is not used to watch figure skating). It sometimes happens with some lower level dance couples, and it happens with ladies or men as well.
The new COP encourages coaches to teach their students how to do the highest amount of steps possible, in the best way possible and fast. The faster they are, the more steps they can do. And I really like how this system is valuing complicated and fast step sequences, even though only top skaters can execute them well.
In terms of musicality, some skater can execute good steps but have no excellent musicality. For istance, I think Miki Ando's SP step sequence was gorgeous this season, but I would have liked it to have a bit more musicality.