Class is mostly irrelevant unless you're planning to run an OS such as CM7 from the card, in which case Sandisk unclassed/c2/c4 8GB and 16GB cards have been reported to outperform pretty much any others, and to outperform higher class cards by a wide margin. I'm running the latest stable CM7 overclocked to 1.3Ghz from an unclassed Sandisk 16GB right now, and it blows away the stock OS.
Any card higher than class 4 is probably going to have terrible small-block random writes, which *appears* to be the benchmark most predictive of performance as an Adroid boot drive. Those cards have been optimized for moving large blocks of data, which can result in small-block writes a couple orders of magnitude slower than an unclassed card, which hasn't been optimized for anything.
If you're just using the card for storage, a higher class card will let you copy large blocks of data to and from the card several times faster (like moving video files from your PC), but won't affect performance.
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