Part of the problem is that USB was never originally intended for "high-speed" operation and was later expanded. FireWire was started from the ground up for high-speed operation with future expansion for even higher speeds.
The other problem is that 2.0/1.1/1.0 are lousy ways to describe the interface and a lot of the USB marketing/labelling is misleading. Also - the raw data rate doesn't necessarily indicate what the bus can do. There is a lot of overhead in USB, and shared slower speed USB components on the same node can compete for bus bandwidth with higher speed devices.
The latest 2.0 revision supports standard (1.5Mbit/sec), full speed (12 Mbit/sec), and high speed (480 Mbit/sec). The more common 1.1 revision supports standard and full speed. A hub or port labelled USB 2.0/1.1 must support all speeds of that revision. A device labelled USB 2.0 could theoretically meet only the 12 Mbit/sec data rate.
The USB Implementors Forum hates it when a device is called USB 2.0 or USB 2.0 full speed. It sounds too much like a reference to the highest speed interface instead of the previous slower speed. They prefer the terms USB for 1.5/12 Mbit/sec devices, and USB Hi-Speed for 480 Mbit/sec devices. The revision number is pretty much useless, since all devices are meant to be compatible (to some degree) with all hubs/ports.