Hi

Yes, only one speed forward and one back. The sound is not too bad to be honest but I have experienced some annoying glitches with it. I have three of these and two have the same problem (the other is still new in box in the loft). When you push both sticks forward at the same time - the engine sound sort of distorts. Push one fractionally before the other and the sound is fine. It revs up and gives an impressive roar and idles down when you stop. When using the sound board piggy backed off proper ESC it sounds fine though. There were some threads a while ago about doing this conversion that were very well written and explained.

cheers
Gorehound