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Microsoft published a new knowledge base article on April 1st and its not a joke:
I installed the fix and it seem to cut down 50% of the startup time when I recompile my project. Try it out yourself and let me know if it helps.
The magic switch is optimizeCompilations=”true”.
“When it is turned on, the compilation takes a less conservative approach. If you only change the App_Code folder, the bin folder, or the Global.asax file, only the affected files are recompiled. Previously compiled pages are not recompiled.”
The Windows Vista version can be downloaded directly from here (even though the title says its for another fix).