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
At some point I had a programme which took considerably more time to compile after a few weeks. Out of frustration I deleted the debug folder of the solution and projects. What visual studio did was first rebuild the entire solution (which does take some time) but after that, the building process had its old speed back. Not sure if it will work for you as well.