Rob:
I see from the other answers that you've already found where your performance problem was, so I'm glad that you have a solution and it wasn't completely our fault. 🙂
However, Serial performance in NI-VISA < 3.1 was less than optimal (in general, but especially on LabVIEW RT). We have tremendously improved the performance of large Serial read operations in NI-VISA 3.1, now available at www.ni.com/downloads
Dan Mondrik
National Instruments