VLC isn't very informative in its playback speed designations.
Any idea as to which playback speed each adjective refers to?
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Update: As of December 2017, neither "faster" nor "slower" seems to produce a fixed amount of change in speed (for example, if one presses "faster" five times, the sequence of speeds it goes through is 1.5x, 2x, 3x, 4x, 8x, 16x).
Pressing [ to slow down and ] to speed up displays ±0.1 the previous speed as large text in the top right.