I don't know if this has been resolved but here's my 'fix'

Sometimes removing or disabling Windows Messenger causes OE to open slowly. This will be shown by an entry in the system error log:

"The server {FB7199AB-79BF-11D2-8D94-0000F875C541} did not register with DCOM within the required timeout."

To fix this, open Regedit and navigate to this key:

HKEY_CLASSES_ROOT
\CLSID
\{FB7199AB-79BF-11d2-8D94-0000F875C541}
\InProcServer32

In the right-hand pane, double-click on the (Default) value and delete whatever is entered there, leaving it blank. Click OK. Now perform exactly the same step with the key directly underneath, namely

HKEY_CLASSES_ROOT
\CLSID
\{FB7199AB-79BF-11d2-8D94-0000F875C541}
\LocalServer32

Once both (Default) values are empty, OE will open normally

Please backup your registry BEFORE doing the above fix.