David:
Jeff presents a very good point that I did not think about. But I just wanted to tell you about my recent experience.
I have been doing development on my Toshiba M200 TabletPC, mostly at the desk with the docking station. The Tablet has a 1.5GHz CPU, 1GB of Ram, and a 7,200 RPM disk. I am still using DNN 4.3.5 for development and testing with VS 2005. It has been working fine but I have always been annoyed when logging in as admin in DNN because the graphics at the top would take forever to load one by one, same with the icons in the admin menu. I did some research on this in the past and the performance hit is caused by a limitation in the TCPIP.sys component in Windows XP (it is not caused by the limited number of connections in IIS by the way, as some people believe). This cannot be adjusted by the user There are some documented hacks out there where the file is edited but I did not want to fool with it that way.
To make the story short, my machine started working super fast even when logging in as Admin. I have deleted the file cache, closed the browser, rebooted, and it is still insanely fast. I noticed this a couple of weeks ago and still cannot find exactly why the performance improved all of a sudden. Notice that the first time I run DNN is still slow, there is no way around that, but after the application is loaded, subsequent calls are very fast.
The "only" changes I have made lately are: Installed the VS 2005 SP1, which is huge. Also attempted to apply the SP2 to SQL Server 2005 Express with the Advanced Services, it did not work well and I had to remove SQL and reinstall from scratch, with the SP2 package. I also defragmented the disk with the full Diskeeper package. But I would not think that any of these things would change the issue with TCPIP.sys.
The only thing I can think of is that since Microsoft changed its policy on how to provide IIS in Windows Vista (basically no limitations in functionality) they may have retrofit that policy for developers still using XP.
If you use a laptop (or even some desktops) check to make sure that your CPU is running at full speed. Sometimes even when connected to AC power some machines have problems managing the CPU speed and don't step it up to full speed properly. This happened to some Toshiba laptops.
I don't know if this will help you but it is interesting in my opinion.
Carlos