After a quick run-through with Adobe Photoshop Lightroom 3.5, I'm seeing some significant performance improvements in two areas: startup, and import. Startup is nearly instantaneous, and import was seemingly much faster, including the preview rendering. I'm going to continue to experiment, of course, but so far the user experience with 3.5 is notably better!
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Note to self – don't forget to update Photoshop to ACR 6.5 as well! 🙂