Incidentally, BulkUpdateContext() is a very misleading name - as it really improves item creation speed, not item updating speed. But as you also point out, it improves your import speed massively :-)
Since I wrote that post, I've added a few new things to my normal routines when doing imports.
- Regularly shrink your databases. They tend to grow large and bulky. To do this; first go to Sitecore Control Panel -> Database and select "Clean Up Database". After this, do a regular ShrinkDB on your SQL server
- Disable indexes, especially if importing into the "master" database. For reference, see http://intothecore.cassidy.dk/2010/09/disabling-lucene-indexes.html
- Try not to import into "master" however.. you will usually find that imports into "web" is a lot faster, mostly because this database isn't (by default) connected to the HistoryManager or other gadgets
And if you're really adventureous, there's a thing you could try that I'd been considering trying out myself, but never got around to. They might work, but I can't guarantee that they will :-)
- Try removing all your field types from App_Config/FieldTypes.config. The theory here is, that this should essentially disable all of Sitecore's special handling of the content of these fields (like updating the LinkDatabase and so on). You would need to manually trigger a rebuild of the LinkDatabase when done with the import, but that's a relatively small price to pay
Hope this helps a bit :-)