.NET running on a 400 mhz..I dont have that problem of slower compiling and applications. Of course I dont use VS .NET which I am guesing you are using. You cant bundle the IDE with the framework as while yes the IDE is slow(but with many options), you can write apps without it. The command line compiler compiles very fast and my equvilant apps in VB6 avs VB .NET are the same speed and in few cases, faster.

Another possible problem is a needed account for .NET is not setup correctly. Make sure in your user account that there is a user called ASPNET (or something like that). Yes, not having this can remendously slow down .NET.