Ok. I think I,ve got it. These times are being logged on a raw install - correct?
On a reinstall of 7, and then a reboot with Reboot vbs, I got 68 seconds. Still not competion for my Vista installation, but it has a year to go yet before final release. With Ms word 2007 installed, it drops back to 110 seconds and then, with my anti virus , to 165 seconds. So it has a long long road ahead, before it can compete with a customised Vista.