I'm doing it on the treadmill. I have nothing to compare it to but I like it!

(I'm afraid to run outside.

) I've been told to incline it to 1% to mimic outside running.
I walk at 3.5-3.7 and jog at 5.0. My goal is a 6.0 run (which is a 10 minute mile).
I think the speed is up to you and how you feel. Most people who are doing it go for time/distance first and speed later.