Hi Greg,
What type of validation are you doing? There are three validation forms (parser validation, schema validation, and profile validation) and each one has its own performance characteristics.
If you just want basic syntax validation the parser validation is definitely the most bang for your buck. Profile validation is always the slowest, as it does terminology validation using terminology services, advanced structure validation, etc, but it is certainly also the most complete. Schema validation falls somewhere in the middle.
The profile validation definitely has room for improvement. We've been doing profiling bit by bit to find trouble spots, but there is plenty left to do. If you happen to have a good test case Bundle that takes a particularly long time, I'd love to see it.