I think the last time the startup issue came up on HN we concluded it was because they are mounting a squashfs filesystem image that was created with the compression turned up to 11, and not using the kind of compression algorithm that is only slow on compression. That and the general terribleness of squashfs.
Now keep in mind we can't blame squashfs here. It was developed for use on <16 MiB large NOR flash chips for embedded devices likely connected over SPI - the underlying flash and interface is so unbelievably slow that no amount of compression or terrible kernel code would ever start showing up in some kind of benchmark. Using it on super fast desktop machines with storage that rivals RAM bandwidth and latency is just the opposite of what it was developed for.