Well, mine was. It took 15-20 seconds to open, and that ain't right. I had a look at the usual suspects until it occured to me that the following registry key might be a good place to peek, too:

HKEY_CURRENT_USER\Software\Microsoft\Windows\CurrentVersion\Explorer\MenuOrder\Start Menu2\Programs

As it turned out, it was full of old programs that had been either uninstalled or moved to custom folders within All Programs. Since I've got a ton of programs installed, I've had to arrange them into subfolders such as Graphics, Development, Drivers etc. However, when you move the folders using Explorer (it seems either by actually moving the files or dragging them in the Start menu), the registry doesn't update and you are left with the old data plus the new data in the subfolder.

Standard disclaimers apply, know what you're doing before doing it, and always make a backup.