It is blazing fast in practice. Most merchants accept 0-conf transactions once they propagate p2p. Some merchants already implemented Lightning Network. Together, that means about 2-20 seconds for vast majority of payments.

It is not expensive. Currently fees are in cents per on-chain transaction. And basically 0 for Lightning Network payments.

It is traceable though and that is indeed a big issue going forward. Again, Lightning Network helps to some extent but much more is needed.