I cannot set Magic Speed software to fastest setting. It seems locked on silent mode and I have tried all firmwares for this drive. And yes, I am using 16X media by TDK.
12X is actually a pretty good read speed for DVD's, I rarely get any faster than that and usually average around 10X on all four of my drives. These are terrible discs, I would recommend some quality Verbatims (MIJ or MIT) or Maxell (MIJ only). Additionally you shouldn't burn at more than half the rated speed of your blank.
Actually, I just bought 16X Verbattim +R and those burned as 18X but would read no faster than 12X. I am send the Samsung back and replacing it with BenG DW1650 from Newegg for $28.99. Read speads for most media on the Samsung is slower than the competition.
I have a BenQ DW1655 and it hasn't read above 13X yet. Like I stated earlier, you don't want to burn at more than half the rated speed of the blank....basically speed kills.