SpeedEditCaterpooper gives a speed boost during it's attack phase.
In it's attack phase, it lays out a trail of poo, which acts in the exact same function as Goo, but slightly longer. (Similar to LadyBug's and Spider's attack phase)
Caterpooper is good for holding the lead, but not as good as Spider or Ladybug. The higher the attack time the more poo is released. So if the Caterpooper is found in higher eggs (Golden and legendary) it can be even better for keeping a lead. If the trail of poo is placed before an obstacle the results can be devastating.