Sounds weird. Apparently it's slugging down when it's re-arranging data in order to load up the dashboard. Not *entirely* certain where it'd be slowing down, but for what it's worth, I might try clearing the hard drive cache, or perhaps even removing the hard drive temporarily to see if it changes anything.
I'd actually have my doubts there, since you get the dashboard regardless of whether or not you're connected to Live. But I dunno... Maybe it does connect to it if there's a connection available.
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