It is really fast for me. Updates right away.
Although it does wasted a lot of bandwidth, it is really fun to use. I think you don't need result that fast. I have some suggestions.
It would be really nice to see that improvement. Please let me know if you are going to do it or not. 
Edit: I changed my mind. Just make the following would be more interactive.
1) Allow mouse hover on suggested terms to update result.
When mouse over, refresh result to that term.
When mouse leave, return result to user typed term.
2) Bug Fix.... Please disable mouse click on white space of suggested box. It is redundent and sometimes it triggers before the link is triggered. Thus, LINK click gets ignored and result as a white space click.
----------- Old-------------
1) Instead of search right away, no result until press down to view each of the suggested search term.
2) When I press down to select an item in the suggestion box, my search box value don't change (refresh search result only), untill I press Enter. This is important because I was only previewing, no selection yet.
3) The mouse hover on suggestion box will make selection of that item. Left Mouse Click = Enter in my #2.
4) Only do search right away if the search box has the exact same term as in your suggestion box.
5) Because of the above suggestions, a "Textbox" with "CanChange=False" with "Shaded Color Style" is needed to show current search term that shows on the result. This will be placed above your user textbox. A shaded Textbox is used because it is more noticible as the user would attempt to type something in it and realize it is read only.
---------------------------