OK, got TMPGEnc+ on one box (home PIV 1700), and TMPGEnc freeware (2.56) on one (work, PIV 2000).
At home, cutting an mpeg is a process measured in minutes.
At work, cutting an mpeg can be measured in hours!
Encoding time is as expected - slightly faster on the 2GHz box. Any idea why splitting an MPEG would take so long on one but not the other?

/Mats