Under the 2.0 beta 11 software, the fast-forward is a "ramped" speed. As you hold down the button, it will go faster and faster.

The new "Seek Tool", where the knob is a jog/shuttle dial, is found by selecting the "Seek Tool" info screen. The Seek tool will also allow you to skip forward to different sections of the song (as detected by overall track volume) using the L/R buttons. This is useful for big mix albums, although it's certainly not perfectly accurate with regard to detection of the sections of the song.

Note that in order for the seek tool to be able to save off the track graph (the pictured song volume data), the song must play to completion on the player.