The other day it took about 45 minutes to import 4 GB of footage from the P2 Store to my computer. After all the footage was safely offloaded, I used P2 Store Manager to perform the "All Erase" function. The P2 Store is now back to being its speedy self!

Mac or PC?

Some report better results if you first transfer the lastclip.txt file to a folder and then drag over the contents folder to it.

Mac. And it wasn't a transfer... it was an import. As said, the reformat sped things up dramatically.

Or use P2 Genie. That REALLY speeds things up.