There are two kinds of Speed Seal, the original and Speed Seal Life. The original just has the knobs instead of screws and an o ring (depending on your pump your may not need a gasket just the o ring). With the original you can change an impeller in minutes, this may not be the case if you have a "rear facing pump" like in some of the older Yanmars like my 2 GM 20.
The Speed Seal Life has the knobs, o-ring and a run dry bushing which the face of the impeller rides against. They claim this allows the pump to run dry for up to 10 minutes without damage to the impeller. I installed the Speed Seal Life. I keep my boat on a lift and always have about 45 seconds of run dry before the pump primes. I figured anything that makes the impeller last longer is worth it. The rear facing pump is not conducive to regular checks (boat is used year round so no maintenance season here). Nice well made product.