I have bought the SCSI2SD v5.1 with a case for external use. I didn't noticed that it has the DB25 male(!) connector first. So I have been using a crazy set of adapters to connect it to the large 50pin connector of the Original IRIS Indigo (big 50pin to small female 50 -> male 50 to female DB25). The whole thing with the SCSI2SD itself is over 150mm long... No external power supply is required here (there is a microUSB port for that and manual states that it might be necessary for some systems).
Surprisingly, it works very well. On my IP20 Indigo (R4000 CPU, IRIX 5.3) it works without issues. On the IP12 (R300 CPU, IRIX 5.3) the system indicates a mainboard error and asks to " press any key to continue". But after that it boots normally and no errors are visible (there are so such issues when SCSI2SD is not connected).
I decided not to try to configure it as a removable. I use it as a normal SCSI disk with SCSI ID 4. It normally mounts/unmounts via the Disk Manager. There is the EFS filesystem on the microSD (initializead and created by the IRIX's Disk Manager withut any issues). I use the device to transfer data from one Indigo to other (which is located in a remote place). This happens once a week at best so my setup is adequate for this use, I think.
I cannot judge about device's speed as I have been using a vere, very cheap microSD card here (4 GB). But it is not exacly slow.
SO I think that I can confirm that the SCIS2SD v5 works well with our old Indigos.