OK so here it is.
Any report with SDHC cards in 770 and this kernel is welcomed :-)
[ 7.209625] mmci-omap mmci-omap.2: cover is now closed [ 7.490966] mmc0: Problem switching card into high-speed mode! [ 7.492248] mmcblk0: mmc0:d555 SU04G 3979776KiB [ 7.492919] mmcblk0: p1 p2 p3 [ 7.498931] mmci-omap mmci-omap.2: command timeout (CMD8) [ 7.499084] mmci-omap mmci-omap.2: command timeout (CMD8) [ 7.505523] mmci-omap mmci-omap.2: card status error (CMD13)
Filesystem 1k-blocks Used Available Use% Mounted on /dev/mmcblk0p1 3021200 1219172 1802028 40% /media/mmc1
Nokia-770-36:~# sync; time sh -c "dd if=/dev/zero of=/media/mmc1/testfile bs=1M count=100;sync" 100+0 records in 100+0 records out real 0m 40.60s user 0m 0.00s sys 0m 4.92s
Nokia-770-36:~# time dd if=/media/mmc1/testfile of=/dev/null bs=1M 100+0 records in 100+0 records out real 0m 38.41s user 0m 0.00s sys 0m 2.63s