Make Keyboard Response Faster in OS X

I noticed when watching @alexlines edit some text on his Linux machine today that the arrow keys were navigating through text much more quickly for him than I was used to in OS X. I figured this was a setting I could tweak, and eventually found that you can edit this in System Preferences > Keyboard and Mouse using by setting Key Repeat Rate</strong all the way to Fast and Delay Until Repeat all the way to Short. Here is a screencast showing how much faster the keyboard response time is: