Hey Joeyio,
 
I have hooked up everything here, and I believe I am getting the same results as you are.  I am hearing nothing but a high frequency that goes to the beat of the song.  I am assuming you are expecting to hear the midi file itself in this output?  This is my first time working with the Speedy, and there does not seem to be very much documentation on the Midi Read control.  Let me do some research, and find out what needs to be done in order to hear the midi file from this output.
 
Regards,
 
Kevin H