If you want to travel from Pattaya to Hua Hin you need to take a van or buss to Bangkok first but now there is a new way. You can from the 22 June travel by speed boat in only 3.5 hours.
Most people on various forums around Thailand are saying that the ferry will not last that long since the company have problems with the economic even before they started.
Some says it is an accident waiting to happen and they nobody should even take that ferry.
The problem is in Thailand most of the ferries are not properly regulated and they can do business for some times before they are stopped. I think they will not last very long in this economic downturn there is not many people to ferry anyway.