USB 1.1 Vs USB 2

[BALIX]

Apologies if this has been covered before. My PC has several USB ports at the back. They are all, I believe, USB 1.1. If I were to purchase an item labeled as having a USB 2 connection, would it work?

Also, is it a major deal 'converting' my old USB 1.1 ports to new USB 2s to benefit from the higher data transfer speeds?

Thanks in advance...