I told you it's flying
Seems I scared some people with my 15 fonts story. So no more worrying, a SUSE Linux 10.1 Alpha3 (pretty standard system) can be pretty quick:
That is with 280 fonts - and as you can see my bash is up after 4 seconds. Of course this works only if your kdm will preload your data in the background, which it already does in 10.0 though.
