I'm having the exact same problem. Even the Speed Dial page and the settings tabs take several seconds to appear. The browser puts 100% load on a CPU core even though nothing happens visually on the screen. I finally decided to start the sysinternals Process Monitor and had a look, and it looks like Opera among many other things is iterating through bunchloads of .dll files and every single .ttf font file, which takes almost a second. This sequence is then repeated again, which in total takes between 2 and 3 seconds. During this time, there is no network activity at all. The filtered log file is available at http://racehub.se/div/opera-newtab.pml.zip in case a developer wants to take a look.