Yes, it's a combination of .NET, a lot of graphics and a not really fast graphics card onboard the Epia.
I've optimized it a bit in 1.4 but don't expect an performance hype. In 1.4 you're also able to turn off fading (which truly is a ***** on Epia Mainboards).
The starting is another thing. PhoCo has to do a lot of threads while loading. The slowest part is the serial commnication.
In 1.4 you'll have at least a feedback what's gonig on through the new Splash screen (but it's not any faster

)
In such cases I prefer rather to use Hybernate then a Shutdown.