Ok, I did some testing, and it seems that Factorio is rounding the belt speed down to multiples of 0.125, which explains why 0.2 speed doesn't work as expected. Here's what I tested:
- At 0.2 speed, we have the yellow belts running ~1/3 the speed of red belts.
- Same with 0.20001
- Same at 0.21
- At 0.25 both belts now work fine!
- At 0.1 the yellow belts no longer work at all (items on them do not move), red belts are like yellow were before.
- At 0.125 both belts work fine.
- At 0.25 both belts work fine.
So, currently the claimed speeds are 0.2 and 0.4 (of a standard yellow belt), but instead we are getting 0.125, and 0.375, which is why red is 3x faster, and also explains the sliding. In my version, I've updated the belt modifier to 0.125, which keeps the yellow belts at the same speed but slows the red belts down to 0.25.