Yes, HazardsMind, the module looks exactly like the one in your picture.
I have wired it like yours and several other diagrams floating around on the web. I have hooked up a "Busy" LED and have noticed that the frequency of the "Busy" light flickering is different when the module does not have an SD card, and when it has a 128mb SD card inside. It also flickers slightly differently when I insert a 2gb SD card. This leads me to conclude that it does actually detect the SD card.
Just reading up a bit about speakers, and my guess is that mine have too high impedence. Will be ordering or looking for lower ones.
This process of elimination is quite annoying. 