Quite often, when I do anything with the Cloud, even Gmail, I get to 10 before I can work. On my 3G I get to 5-10 for internal apps, 10-40 seconds for web apps (Emily's 3GS is at least twice as fast).
On corporate SharePoint I don't bother counting, I go for coffee.
I sometimes mourn for those few bright moments when I used a 386 with single tasking DOS 3.1. I've never had any environment so instantly responsive. Sure, you couldn't do much, but you could do a little so quickly.
We know from Google's research on their Search screens that, even if users don't perceive something as slow, even small delays decrease their use. I suspect most users don't realize how slow our modern computing environments are, but it must take a psychic toll all the same.