I tried that, when I first got the Digital Rebel.
The Canon folk refused to recommend a card, either by speed or brand. I even badgered them some, asking "if you can't tell me what card is useable with your camera, how do I know you even tested it with any in the development lab?" Nothing but apologies from their end, for not being able to tell me anything. Bah. At least Nikon lists compatible brands/speeds in their manuals. Canon is a fount of no-information in this respect.
Then, I made an interesting discovery. According to the Digital Rebel manual, you should use "Canon brand" CF cards. Right. Ever seen one? I thought so. On the other hand, the Canon accessories store on the web stocks Simpletech cards (no "Canon" cards to be seen, though), under the category of digital media for the Digital Rebel.
Based on that, I ordered up a couple of 512 MB Simpletech cards from Amazon for $99 each (Canon wants too much for them in their online store, IMO, and they were constantly out of stock, anyway). As near as I can tell, they are about 12x speed, and have worked fine for me in the Digital Rebel.
Also, I can say that having a USB 2.0 reader is the first thing you should care about when downloading. Unless you have anything faster than USB 1.1 as a reader (or for your computer ports), getting a card that transfers faster than about 12X will be pretty academic, anyway, since USB 1.1 will cap out at about 768K. USB 2.0 will transfer (up to) 480M (almost as fast as firewire), so speed will usually be determined by the CF card, or sometimes, by crappy USB 2.0 reader hardware (not all USB 2.0 high speed readers can really transfer at top speed, anyway).