Panino front end very slow

Hi there,
I have a bit of an issue with a local Wordpress install running on Xampp. And old version of the site most of the time ended up taking no less than 10 seconds to publish or just save a new post. Often it was more than 20 or even as bad as 30 seconds.

My Windows 7 was behaving oddly so I wasn't quite sure if that might have had anything to do with it. So, now with a 100% fresh Windows 7 and brand new Xampp installation I have tried setting up a new Wordpress install. Only plugins running are WP Fastes Cache and P3 for performance control.

If I run the site with Twentyfour theme it is fast a lightning. Average site load time according to P3 is 0.8 seconds. If I change it to Panino it drops to 3 seconds.
Now if this was only for lets say the startpage I might be able to live with that. But just trying to get a simple blog post to load takes apprx 3-4 seconds when I click a link in the front end versus probably under a second when I am running Twentyfour.

My old Wordpress install seems to run a tiny bit faster with the fresh Win7 and Xampp. But of course there is a lot more plugins chewing up time. But same here. Changing to Twentyfour solves most of the major slow downs.

Really got used to working with Panino/Upfront but this perfomance issue along with a lot of compatibility problems with a lot of plugins is about to kill it for me. Still hate to say goodbye to Panino for now.

Please help

Cheers,
Peter