Kory,
Here is the latest example. I wish mine was only 0.78 seconds. Now, to be fair, this was the one with the Excel table. I believe I did have a number of multiple maps, layouts, and tables open. I have since closed most and only have the required map and layout open but the overall performance has not improved. The multiple tabs open is about convenience, if this feature was working well it would be a major enhancement from ArcMap due to the ability to see multiple maps and layouts at the same time but it does make sense that that could be a contributing factor to lowered performance. Also, thanks for your comment about Excel at 2.4. I am looking forward to it.
Also, note again that this 7.84 seconds does not count the time it took to open the tool in the geoprocessing window which was probably several seconds more at least. I can only guess at how long that part was.
I also see the following the roadmap: Geoprocessing leveraging spatial databases - New options to run certain geoprocessing tools like Buffer, Spatial Join, Select, or Intersect as queries in databases that support these operations, which will result in improved performance.
I'm hoping this will also help me out a lot.
Josh White, AICP
Principal Planner
City of Arkansas City