Okay, I compiled C::B and started debugging...
Here's some info so far:
projectmanager.cpp:786: EndLoadingProject(result) takes around 40 seconds (in debug mode);
projectmanager.cpp:794: SetProject(result,true) takes from 20 to 30 seconds.
I'll run a detailed walktthrough in the next pass.
EDIT:
Okay, more fine-grained stuff:
projectmanager.cpp: 3101 project->BuildTree(m_pTree, m_TreeRoot, m_TreeVisualState, m_pFileGroups);
This takes most of the running time.
Something puzzled me, however. This builds the tree. Why is it then that in a later stage, in ProjectManager::SetProject (lines 482-483), the tree is rebuilt AGAIN? We just built it!
(Oh, nevermind. It's the workspace tree, not the project tree)
Anyway, most of the delay is in project->BuildTree. I'll go into more detail tomorrow, it's getting late.