OK, I played with it a little more and found my issue. You need, at least I do, to have the audio playing first, select a playback speed and then the waveform line will be moving correctly at the selected speed.
If I click in the waveform to select a start point and select a playback speed next, then the audio starts playing but the line does not move to indicate location in the waveform. Plus with this sequence for the variable playback speed, the stop button remains greyed out. The only way to stop the audio then is to click play (which begins playback again at the waveform line) then click stop. Running under OS X.
So the variable speed is working, just not how I expected it to work. The one enhancement I'd like to see, like I mentioned in my first post, is that the audio plays at the selected playback speed when you click the play button. Seems more intuitive that way to me, but I'm not sure what would all be involved on the programming side?