Edit in JSFiddle

<div class="cuadrado">Sin ningún tipo de Transicion ni Velocidad</div>
<div class="cuadrado transitionColor">Transicion de Color del tipo Ease</div>
<div class="cuadrado transitionAltura">Transicion de Altura tipo Ease-in</div>
<div class="cuadrado transitionTodo">Transicion de Color y Altura Linear</div>

.cuadrado {  
  width: 100px;
  height: 60px;     
  display: inline-block; 
  background: #1AB3A3;
  color:white;
}

.cuadrado:hover{
  height:150px;  
  background: #FF8783;
}


.transitionColor{
   transition: background 2s ease;
  -webkit-transition: background 2s ease;
  -moz-transition: background 2s ease;
  -o-transition: background 2s ease;
}

.transitionAltura{
  transition: height  2s ease-in;
  -webkit-transition: height  2s ease-in;
  -moz-transition: height  2s ease-in;
  -o-transition: height  2s ease-in;
}


.transitionTodo{
   transition: height  2s linear, background 1s linear;
  -webkit-transition:  height  2s linear, background 1s linear;
  -moz-transition: height  2s linear, background 1s linear;
  -o-transition:  height  2s linear, background 1s linear;
}