The Maid of Honor is the bride's equivalent of the Best Man, usually a close friend, and like the Best Man, speaks after the family members at a wedding speech. (This is an issue of seniority. In some cases the junior members of the wedding party may speak first, but it's the option of the family to decide who speaks, and when.)
Like the Best Man, the Maid of Honor's speech is relatively brief, usually only 5 minutes at the absolute most. (It's standard practice to schedule speeches on the basis of 120 words a minute. 5 minutes is about 600 words, or the equivalent of nearly two A4 pages of text.)
Example of Maid of Honor speech
I've known Jill since we were babies- literally. We used to hang around together in diapers. She's always been my greatest and best friend, and when she met Jack, I have to say I was stunned. As we all know, Jill's not exactly a shallow person, and I'd never seen her so genuinely happy, all the time. It was scary, I tell you.
Like both families, I was hoping these two would tie the knot someday, but it was incredible how these two just met and bonded. If they were available in stores, you wouldn't need glue, or even welding equipment. I'm just so happy for both of them.
Just one other thing, since both families have mentioned spoiling their grandchildren rotten- You'll have to beat me to it. I've got plans for those kids, already.
Ladies and Gentlemen, A toast to bride and groom, and happy years to come!