One thing that slows down the VC++ compiler is if you have a header file that initializes concrete instances of non-trival const value types. You may see this happen with constants of type std::string or GUIDs. It affects both compilation and link time.

For a single dll, this caused a 10x slowdown. It helps if you put them in a precompiled header file, or, just declare them in a header and initialize them in a cpp file.

Do take a look into the virus scanner, and be sure to experiment with precompiled headers, without it you won't see VC++ at its best.

Oh yeah, and make sure the %TMP% folder is on the same partition as where your build is written to, as VC++ makes temp files and moves them later.