Ok, I think I can now confirm that this really is a problem.
I started a generation of my "full" cache (I was just running some sample areas when I posted earlier).
Using 10.0 this would take about 30hrs. Running now on 10.2 we are up to over 48hrs and I think it's only about 60% through (that's a rough estimate, I run my cache over 27 different features classes and it's finished 16 of them).
My 10.2 environment is as close to my 10.0 as I can make it... The big difference (I think), is using the oracle client for direct connections as opposed to an SDE connection...