Not *all* hammer drills can have the feature turned off, but pretty much all of the new ones can (including this one) turning it into a standard drill.
Bought the 7.0 amp version of this drill new from Lowes for $70 (the non-hammer version was the same or maybe $5 less). It is FANTASTIC. I'm of the opinion that everyone should own a corded drill for applications requiring higher torque than your cordless tools can deliver, and this is a perfect candidate for that IMO, especially for $30.
And yes, the two-speed function is basically two gears to engage, a lower speed one with more torque and a higher speed one with less, but the trigger on the drill is not digital, it's analog.