Hi Art,
Certainly not a Qimage problem.
I just repeated your processing as best I could and got about 30 mins.
These were 8MP CR2 raw images so that included the "on the fly" raw processing time too. My PC is 3.6 GHz P4, 2GB ram.
The factors that do affect the time are, computer power,  image size, filters present and whether Q is set for multiple core processing. Even on a P4 with dual memory, that should be set. However none of these things make hours of difference.
I suggest you look to see what else is going on when Qimage is being used. Look at Task Manager to see what processes are running. I could be an anti virus program or some other background process.

Terry.