Although Corsair isn't the first to offer a 128GB USB flash drive, they are claiming that their Flash Voyager is the world's fastest. They boast that their new drive makes use of a "revolutionary design that employs a unique controller architecture" and that it achieves SLC performance using MLC NAND flash memory.
Corsair says that the drive is able to achieve read speeds of 32MB/s and write speeds of 25.6MB/s with the limiting factor being the speed of the USB 2.0 interface and operating system overhead. It is encased in red water-resistant rubber to protect it from the accident prone. *Note that there are separate write speeds listed in the press release and on the product page (25.6MB/s and 28.8MB/s), we've contacted Corsair and are awaiting clarification.
The 128GB Flash Voyager GT is available immediately for $399.99 via authorized Corsair distributors and resellers around the globe and ships with a 10-year limited warranty. Though, for that price you can pick up a much faster 2.5" SSD drive, minus the extra portability mind you.