I feel your pain. I used to have the ability of creating a speed dial with my Samsung fascinate.....but now that I own the Bionic, the best I can achieve is.....a contact button which gives me many options to choose from on that contact. Not a true speed dial IMO.
Good luck on that one.
Long press on the screen and choose shortcuts > direct dial and choose your contact of choice.
If you are on a stock launcher go in to your app drawer widget section and choose direct dial and long press on it to drop it on the home screen, once that's done your contact list would pop up to choose from..
I have the Razr max with the same problem, actually a little worse. I can add a contact to a screen, but when you tap on it, several icons appear to give me the choice to contact the person using phone, facebook, email etc, then once I select phone, it gives me a list of all the phone numbers . On my Droid X, I had it set up so one press dialed the phone to a specified number - When someone had a cell number and home number, I just made it 2 diff icons on the screen. Any suggestions on how to get to one press. I could not find direct dial anywhere in widgets. Running Android version 2.3.6