This applies to both 2008 and 2010 versions (and probably earlier ones too). Also to both C++ and C# projects.
An initial build (after reboot) runs at normal speed
Try this as it worked for me:
Press Windows+R or open run from Start.
Now type %temp% and delete everything from there...
%temp%
Now open Run again and type prefetch and delete everything from there also.
prefetch
Now open VS and see the performance.