In non-raw video, card speed does not affect quality. Either your card is fast enough and recording is continuous, or it's not fast enough to keep up and recording stops.
Also, ML lets you adjust h264 bit rate. There's not much evidence that increasing it will improve quality very much, but lowering it means you could record continuously for longer on a slow card.
Fast cards (faster than the 60D's max of 21MB/s) are not totally useless however, because if you have a fast card reader you can transfer files to your computer much faster (I have a 90MB/s for this reason). IMO the relatively small price difference you pay for faster cards is worth simply being able to transfer files to you computer several times faster.