Vista 32 bit, Dell M1530 with 4Gb.
I don't think it's an add-on issue, if I look at add-ons their start times are all sub 1 second, and there's only 5 of them, none of which are esoteric aside from a FirePass activeX control used to RDP into some MS servers

I uninstall IE8 and IE7 is back to as expected, about 5 seconds to bring up a usable browser window if there is no window already open