We discuss delay times derived from the current gain cutoff frequency of a heterostructure field effect transistor and describe three types of novel channel structures for millimeter-wave InP-based HFETs. The first structure discussed is a lattice-matched InGaAs HEMT with high state-of-the art performance. The second structure is an InAs-inserted InGaAs HEMT which harnesses the superior transport properties of InAs. Fabricated devices show high electron mobility of 12,800 cm2/Vs and high transconductance over 1.4 S/mm for a 0.6-µm-gate length. The effective saturation velocity in the device derived from the current gain cutoff frequency in 3.0107 cm/s. The third one is an InGaAs/InP double-channel HFET that utilizes the superior transport properties of InP at a high electric field. Fabricated double-channel devices show kink-free characteristics, high carrier density of 4.51012 cm-2 and high transconductance of 1.3 S/mm for a 0.6-µm-gate length. The estimated effective saturation velocity in these devices is 4.2107 cm/s. Also included is a discussion of the current gain cutoff frequency of ultra-short channel devices.