MySQL Docs say :
The size of the table slows down the insertion of indexes by log N, assuming B-tree indexes.
Does this mean that for insertion of each new row
If you are doing a bulk insert of a million rows, then dropping the index, doing the insert, and rebuilding the index will probably be faster. However, if your problem is that single row inserts are taking too long then you have other problems (like not enough memory) and dropping the index will not help much.