that's USB 1.1 (12Mbs). USB 2 is something like 400Mbs.
What ipod are you using? 1st generation through the 4th work with firewire, but the latest (5th generation video ipod), only works with USB1.1/2.0.
If you have a 5th gen ipod, I'm not sure how you would get USB 2 on an emac.
edit: Just saw your first post, you have a 4th generation, so firewire will work. About the same speed as firewire (a little faster). So all you need is a firewire cable, which it sounds like you have.