1) Jet Boots flying speed is equal to normal flying, it's supposed to be the fastest form of flying. A friend of mine with fire flying is definitely faster than me.

2) Jet Boots rank 2 is bugged. I'm not sure if the final speed is faster, but acceleration takes much longer. I would guess 3-4 times as long as rank 1. I am saving one Advancement point for when this is fixed, but right now Rank 2 is a downgrade for Jet Boot users.