I see you've gotten some answers, but I would like to reiterate how much time is wasted getting around the various governor limits on the platform. As much as I like the platform on certain levels, I would very strongly, highly, emphatically recommend against it as a general application development platform. It's great as a super configurable and extensible CRM application if that's what you want. While their marketing is exceptional at pushing the idea of Force.com as a general development platform, it's not even remotely close yet.
The efficiency of having a stable platform and avoiding big performance and stability problems is easily wasted in trying to code around the limits that people refer to. There are so many limits to the platform, it becomes completely maddening. These limits are not high-end limits you'll hit once you have a lot of users, you'll hit them almost right away.
While there are usually techniques to get around them, it's very hard to figure out strategies for avoiding them while you're also trying to develop the business logic of your actual application.
To give you a simple sense of how developer un-friendly the environment is, take the "lack of debugging environment" referred to above. It's worse than that. You can only see up to 20 of the most recent requests to the server in the debug logs. So, as you're developing inside the application you have to create a "New" debug request, select your name, hit "Save", switch back to your app, refresh the page, click back to your debug tab, try to find the request that will house your debug log, hit "find" to search for the text you're looking for. It's like ten clicks to look at a debug output. While it may seem trivial, it's just an example of how little care and consideration has been given to the developer's experience.
Everything about the development platform is a grafted-on afterthought. It's remarkable for what it is, but a total PITA for the most part. If you don't know exactly what you are doing (as in you're certified and have a very intimate understanding of Apex), it will easily take you upwards of 10-20x the amount of time that it would in another environment to do something that seems like it would be ridiculously simple, if you can even succeed at all.
The governor limits are indeed that bad. You have a combination of various limits (database queries, rows returned, "script statements", future calls, callouts, etc.) and you have to know exactly what you are doing to avoid these. For example, if you have a calculated rollup "formula" field on an object and you have a trigger on a child object, it will execute the parent object triggers and count those against your limits. Things like that aren't obvious until you've gone through the painful process of trying and failing.
You'll try one thing to avoid one limit, and hit another in a never ending game of "whack a limit". In the process you'll have to drastically re-architect your entire app and approach, as well as rewrite all of your test code. You must have 75% test code coverage to deploy into production, which is actually very good thing, but combined with all of the other limits, it's very burdensome. You'll actually hit governor limits writing your test code that wouldn't come up in normal user scenarios, but that will prevent you from achieving the coverage.
That is not to mention a whole host of other issues. Packaging isn't what you expect. You can't package up your app and deliver it to users without significant user intervention and configuration on the part of the administrator of the org. The AppExchange is a total joke, and they've even started charging 5K just to get your app listed. Importing with the data loader sucks, especially if you have any triggers. You can't export all of your data in one step that includes your relationships in such a way that it can easily be re-imported into another org in a single step (for example a dev org). You can only refresh a sandbox once a month from production, no exceptions, and you can't include your data in a refresh by default unless you have called your account executive to get that feature unlocked. You can't mass delete data in custom objects. You can't change your package names. Certain things can take numerous days to complete after you have requested them, such as a data backup before you want to deploy an app, with no progress report along the way and not much sense of when exactly the export occurred. Given that there are synchronicity issues of data if there are relationships between the data, there are serious data integrity issues in that there is no such thing as a "transaction" that can export numerous objects in a single step. There are probably some commercial tools to facilitate some of this, but these are not within reach to normal developers who may not have a huge budget.
Everything else the other people said here is true. It can take anywhere from five seconds to a minute sometimes to save a file.
I don't mean to be so negative because the platform is very cool in some ways and they're trying to do things in a multi-tenant environment that no one else is doing. It's a very innovative environment and powerful on some levels (I actually like VisualForce a lot), but give it another year or two. They're partnering with VMware, maybe that will lead to giving developers a bit more of a playpen rather than a jail cell to work in.
