The point of ready boost is that it uses your flash memory rather than writing to your hard drive, this saves battery power and increases speed to an extent.
Don't expect anything major when using. If anything, what I've noticed is not that the computer runs faster but that it lags less.
I don't use a thumbdrive, however, my HP DV9000 has a built in card reader, I use an Ultra SD 2gig card. It's great because it doesn't take up USB spaced, doesn't hang out the side to be busted off and never has to be removed (because I don't use the card reader for anything else!)
You need a fast flash card for Ready Boost. When you plug in the device the system will ask if you want to speed up your system using ready boost. If you do and your device is not fast enough, Vista will tell you.
I bought my Ultra SD card for $20. I paid $200 for my 4gig of ram, so you see the cost benefits. However MS suggest you use one to four times your ram size for Ready Boost. My ram is 4gigs, so my Ready Boost devices should be 4 - 16 gigs! See, Ready Boost works best on computers that are memory deficient. However, I know the computer uses it, even when my RAM uses is at 35% I'll see the light on my SD drive flashing like mad, telling me that it's using ready-boost memory.
If you can afford it I would loost at two things first, can you upgrade the RAM, and how fast is your HD? I upgraded from sluggish, factory 2gig ram to 5-5-5-15 4gig (2x2)ram. My system zoomed!It was expensive ram, but suddenly I could play games like Bioshock at full resolution without dropping frames, on my notebook!
The other thing is your HD speed. Many computers, to save money, come with HD that spin at 5400 rpm. Update to a 7200 rpm drive! If I really wanted to speed up my HP DV9000 it has two HD bays, I could put matched set of SATA 7200 HD's in it, and configure as a RAID array, then the two HD would run as one and double my read speed.
You can also go into you system settings and make sure you have at least 4gig of Virtual Memory allocated on your HD. Virtual memory allows you computer to use you HD like RAM. If you VM settings are low, the system keeps deleting and re-writing information, if it's high it can write a lot to the HD once and keep reading back from it until the space is full.
Using all these tools helps. Also, use "Start" "Run" to get a command prompt, type "msconfig" this brings up a menu of programs that start in the background and eat memory when you're computer is on. Some things, like WLAN or Anti-virus you want, others like "i-pod assistant" can get un-checked! You can also disable Vista's ultra-annoying UAC control (those damn, I need your permission to do anything pop-ups) here! Select carefully functions you don't want starting with windows (they'll still run if you start them manually) and re-boot.
Good luck.