Ephedra isn't as good as speed, but it's not too bad either. Ephedra gives you more of a body-feeling and less of the mental feeling of speed. However when you take too much ephedra the body-feeling is getting too strong, you'll be sweating, shivering, not be able to concentrate on even the simplest tasks, not even be able to enjoy a good party.
I like lower doses of ephedra together with alcohol (better than alcohol alone because of the activating effect) and I like ephedra alone (plus caffeine) when I'm tired or when I have a flu, because then it really helps feeling better and getting things done.
Ephedra is not as addictive as speed (because it's not that good mentally) but it is still harmful for your body. It elevates heart-rate and blood-pressure and might even lead to heart-failures when used excessively.
In short:
Plus: Not as addictive, legal, good against colds
Minus: Not nearly as good mentally, also bad for your heart, higher dose might lead to un-enjoyable fight-and-flight reaction (sweating, dizziness)