I just replaced my kit lens with the Sigma 17-70 f2.8-4.5 (non OS, non HSM). It's pretty big compared to the kit lens, but smaller than the HSM version. I tried both the HSM and non-HSM version back to back, and couldn't tell any focusing speed difference between the two. The HSM version is obviously a lot quieter, I almost couldn't hear it focusing at all. At the shop I was shopping at, there was a $220 difference between the two, I couldn't justify that just to get a quieter focus and half a stop faster on the long end. Plus, the OS also uses battery even when it's off...
Brought it home and tested the new lens. In good light, focusing is as quick as the kit lens. It's faster (aperture) and has longer reach (70mm vs 55mm), and is optically excellent. In low light and with a dark subject (black cat, in my case), autofocus isn't as good as the kit lens though. My previous photos of my black cat with the kit lens have all been done using autofocus (auto-5 point), with the new Sigma it struggled even with center point focus, so I ended up taking most of the photos with manual focus. Admittedly it can't be easy focusing on a black cat in poor light, but seeing as the slower kit lens can do it, it's disappointing that my faster more expensive lens can't
In any case, that's the only downside I've found to it so far, but then again I haven't taken many other photos with it either!