If you have a really huge dataset go away from sphinx, it takes forever to index and doesn't offer incremental updates, as well it crashes regularly
Create a counter table to keep track of what records you've indexed and cron frequent indexer runs using the latest records as offsets.
If you have documents that frequently change, maintain your full index less often and instead merge the two on a more regular basis.
Sphinx's indexer speed is one of its advantages, but it's largely dependent on the efficiency of your SQL and underlying MySQL indices. Perhaps something else is indirectly influencing your indexing performance.
The indexing speed is so very fast-- I can't say enough good things about sphinx.