All,
The performance issue I found in r432 was really introduced in earlier revision of 0.3.4 and is now fixed in r433.
Basically, schemas imported via xs:import/ and/or indirectly though wsdl imports were going through the "dereferencing" stage multiple times. Oddly enough, the "dereferencing" phase was revised in r432 to be much better, simpler and have better performance. The problem was caught when I was profiling these enhancements to see just how much better the performance was.
Regards,
Jeff