Thanks - but I already tried that. I've even set it up for no logging at all but that didn't make any difference either.
Whatever it's doing for those first 3 minutes, it doesn't appear to be accessing my hard drive (the hard drive LED doesn't light up).
I have noticed a couple of unusual things though - firstly, while all this is going on, Task Manager shows 2 copies of WinMgmt.exe running. Neither of them can be shut down. Secondly, once those first 3 minutes are up, control seems to get tranferred to WinLogon.exe which then hogs the processor for about 15-20 seconds. After that, everything settles down.
I'd really like to know what on earth is going on because it's very frustrating to have to wait over 3 minutes before I can even launch my first app.