make-frame awfully slow when color-theme (faces) are defined

[David Reitter]

make-frame is awfully slow when a couple of custom faces have been  
defined by installing a color theme (external color-theme package).
I have described this in more detail with a test case here:

http://lists.gnu.org/archive/html/emacs-pretest-bug/2005-08/ 
msg00168.html

I think this could be reproducible by setting the faces manually, but  
I haven't tried that. I experience this in the Mac port.

So it's essentially the make-frame that is slow, which is rather  
annoying when using a multi-frame setup...

Any ideas where to investigate further?