Q: What does speed do? I see my attack + defence go up but I don't hit more or get hit less.
A: Attack and Defence only affect chance to hit and chance to get hit in this game. The more points in speed, the more accurate and harder to be you will be with melee attacks.
Q: I have a lot of Speed but I'm not dodging any more!
A: when the word "DODGE!" Actually appears over your character, it's from a skill, not defence.
I always thought that people with a lot of speed were prone to being more dodgy!