It took mail 13 seconds to launch the first time on my 2.4GHz Core2Duo...
3.8 Your app must meet the basic performance criteria on a low-power computer
The app must launch in 5 seconds or less
PS: It couldn't find my settings either because my Live ID's domain and my ISP's current domain don't match. If it's spending some part of that 13 seconds trying to figure this out, then it should tell you what it is doing and not just sit on the loading screen (or a blank white screen In the blogger's case) while it spins its wheels.