They MUST be configured to run fast enough on your server so that your users can login even under high system load.
Let's say you need to support being able to test 1,000 passwords per second on your server (to support your projected peak login traffic). In that case, relatively weak passwords can be cracked, and by relatively weak I mean 95th percentile entropy bits for less than $1,000 on EC2.
This is why I'm trying to think differently about the problem. If we hide the hash in a haystack, the attacker will no longer be able to target an individual user, and theft of the entire hash database should be more easily detectable and preventable.