Have a look at the first posting on this page(from the Spybot forum) click here and download the .exe zip.at the bottom of the post. unzip and use the icon produced to open Spybot (ie:replace your existing icon with it)- remarkable change in boot time for Spybot. Hope it works for you.
Sorry sunny staines but mine is doing everything it should (and fast). I downloaded the .exe to my desktop and unzipped ,also to my desktop,clicked on the icon (still on the desktop)and it opened Spybot as fast as the old version. I then moved the icon into the Spybot folder letting it replace the existing icon (when prompted if I wanted it to) - have you done that? - or are you running with the original icon still in the Spybot folder. It's the only thing I can think of.