Since downloading and installing the production release of Lightroom 4, I have been spending my evenings cleaning up my catalog and adding search words to ten years of digital photographs. While doing this, I took some time to clean up some oldie-but goodie photographs from the days with my 2MP Olympus 2040z. Let me tell you, if you think Lightroom is a bit slow, try it with a 2MP image; it's blistering fast.
We don't have a Lightroom problem, we have a greater than 10MP image problem.
Lightroom does a surprisingly good job cleaning up these old images. I thought I had them pretty well tweeked, but a few quick adjustments, particularly clarity and noise reduction, does a wonderful job on them. Even though they are JPGs, they clean up nicely, indeed.