Yes it is capable of this although some have had issues in particular applications. Contact Seagate if you have problems: they have always been very helpful to me in resolving issues with their drives.
It will work only as fast as the drive itself can transfer data. Thunderbolt's throughput is much higher than what a hard drive can transfer data at, there is no way around that. So, to rephrase it, you will theoretically see the fastest transfers the drive is capable of. A solid state hard drive will be significantly faster than a conventional hard drive.