Account/Site activation is taking a LOooooooong time

A user registers for a user/site, the registration process is nice and fast, the email to the user is lightning quick, but when they click on the link in the email – http://<new sub site>.<mydomain>.com/wp-activate.php?key=<activation key> it takes forever to load the page, like on the order of 3-4 minutes to load.

I’ve been watching stats on the hardware side and MySQL side to see if I’m bottle-necking anywhere, but there is barely a blip on either end.

With something taking that long I’m worried about closing the window and just forgetting about the whole thing, and with most of the rest of the site being quite fast it looks a bit off.

Anybody run across this before?