Yup! I too have a PhotoFast MSPro duo to micro SD adapter! (got it off amazon, also available at Dealextreme)
Bought a 16GB microSD card from NP for ~2K.
Will be upgrading to 32gig soon!
Regarding transfer speeds -
Earlier I had a 4GB Sandisk MS pro duo (magic gate supported!

)
That used to give me write speeds of ~4-5mbps(as read by teracopy)
The adapter with the 16GB microSDHC card gives me write speeds of 7mbps!!
(both speeds while copying stuff into the card via PSP)