For me the slowest “feature” in WP1.5 was actually the “Site Admin” page which before the upgrade loaded in 1 second, and after upgrade to WP1.5 it took 15-20 seconds – which actually has made me stop using the Site Admin page. It was much faster to just click on Edit on a post, and then use the menu from there.
But the suggestion to uncheck “Attempt to notify any Weblogs linked to from the article (slows down posting.)” worked for me. Thank you 🙂