Hagiwara comes in the V series, and the Z Series, as denoted by the last letter of the part number printed on the packaging. Eg, The 256 MB V series would be something like HPC-CF256V, while the Z card would be HPC-CF256Z.
The Z series is VERY FAST. As fast as the fastest lexars, but if I'm not mistaken, the V series is the slow one. So far, all shops I've seen in SLS are selling the V series. Some people say the hagiwara cards in green packaging is slow, while the brown packaging is the fast one. I think that's not really true, since the V series are packaged in both green and brown, so color is not a good way to identify the fast ones.
Apart from looking at the part number, you can also look at the way the word "HAGIWARA" is printed on the CF card itself. The V series has the word printed HORIZONTALLY across the card, below the big "CF" logo on the card. The Z series has the word HAGIWARA printed VERTICALLY beside the CF logo.
How do I know so much ? Coz I was buying a CF card last week and did some research. I finally bought a Transcend x45 instead. Costs a little more, but I don't have to worry if I'm getting a fast card or slow card. They're all fast ! Think about it : why take the risk of getting stuck with a lousy card for several years just to save $40 ?