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Its pretty much impossible to have cheap real time data because of exchange data fees. Even some historical data is required to pay exchange data fees like LME. I have not seen anything real time that is cheap, i am defining that as like $50 per month.
No it is not fast enough in a real time settings for my needs. I have the capability using Bloomberg plug in, or using our in house data connection. But i really only use it for modeling and prototyping.
I use the TradeKing data feed with my R setup to pull intraday data. Their API as a persistent connection for streaming data as well. Like IB, just need an account. Unlike IB, their acct minimums are much smaller. Hope this helps someone.