I think I have about the same results as you with a fesh booted machine (CF loaded) but wait till you have used it for a while then it will increase easily up to 30secs.
Things like MP3's, external software features (GPS, telephone, web...) will be loaded when used and eat extra memory. Hibernate is a dump of the used memory to disk. The more used memory the more load time it will take.
Also harddisk performance is very important is boottimes.
So hit all the CF buttons first so everything is loaded and run a few movies/MP3's and try again... your times will increase.
But as I have followed this forum it looks that thr upcomming 1.3 release uses less memory etc... so probably boottimes will perfect again.
Running CF from cold: It only works for me if I put a link into the startup folder , running as main shell does not work.