For some interesting examples like creating ISO image or cloning a partition or disk wipe, read this article.
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To test throuput (write speed):
dd if=/dev/zero of=/tmp/test1.img bs=1G count=1 oflag=dsync
To test latency:
dd if=/dev/zero of=/tmp/test2.img bs=512 count=1000 oflag=dsync
For an accurate test you must clear the cache which requires root access:
echo 3 > /proc/sys/vm/drop_caches
then you can use dd to measure read speed:
time dd if=/path/to/bigfile of=/dev/null bs=8k