I used to play 1.Nf3 (now switched to 1.c4 where I play fairly similar lines).
I actually found it very effective for speed chess, many people are ill prepared for it and have trouble quickly playing moves due to it's inherent flexibility. This flexibility means they have greater trouble predicting your moves, and in particular I find pawn moves are often more difficult to quickly evaluate, and the reti leaves a wide array of pawn break available.
Additionally white often has fairly simple, easy to follow plans in a lot of variations, contrasted with the previously mentioned difficulty often experienced by black.
Finally, due to transpositional possibilites into c4, d4 and e4 people often have repertoire holes existing against 1.Nf3, and I often found people lost time pausing to think about how to not accidently leave their preparation.
That said, as noted by chessmickey, Nf3 deprives white of some of the more aggressive and tricky tries such as the exchange QGD or samisch. It is quite difficult to create complications as white after 1.Nf3, and many of white's main tries are somewhat insipid.
Specifically for speed chess.
I was looking in to Nf3 games and found a Carlsen-Anand blitz game played earlier this year. I often play Nf3 just because it "feels nice", half of my games usually transpose into an e4 game.