Many times when you use an external mouse with a laptop, you want the mouse speed slower than when you use the touchpad. But every time you need to switch between using the mouse and touchpad (like when you go mobile with your laptop) you have to go to the control panel to change the speed.
I have this exact problem with my HP laptop and my Logitech bluetooth mouse. This great little program MouseSwitcher solved this for me. It lets me set 2 custom mouse speeds, one really fast for my touchpad, and a slower speed for my external mouse. I can switch between the 2 with a hotkey. This is really convenient, as I daily use my laptop at my desk (with wireless mouse), then use the touchpad during my commute, then back to a mouse at my desk at work, then back to touchpad for commute home, and finally back to my desk at home.
check it out at http://www.mouseswitcher.com