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When the tempo is set 150 bpm, the "speed" values basically indicates how many "frames" (or updates to the audio engine) happen during one row. The "default" tempo is 150 bpm, because 60hz framerate = 3600 frames per minute, and (3600 f/min) / (6 f/row * 4 row/beat) = 150 beat/min. Other tempo values mean different frame/row values.
Problems may begin to appear when using tempo values that correspond to a number of frames per row in between two whole numbers of frames per row (e.g. 6 and 7, as is the case when using a tempo between 128 bpm and 150 bpm), in which case you get alternating rows of 6 and 7 frames (and it's difficult to predict which is going to be on any given row). The effect of this is that you hear slight unevenness in the tempo. This is especially noticeable when using single-row echo or fast arpeggios (using either instrument-defined arps or the 0xx effect).