Just to let you know, you are not alone, having exactly the same issues with AME CS4, it’s runnig like a dog. This is on 2 different machines, the only similarity between them being that they are running Win7 64bit. Both easily fast enough to render files much quicker than this. I checked the performance, and AME is using on average about 6% of CPU even set at real time (same on both machines).
Also, as mentioned After Effects, redering the same length of project (in fact more or less the same thing) at maybe 0.5 of real time, much faster. AME seems to have this problem mainly with rendering to MP4 and FLV, althouhg it’s noticably slower for everything else too.
Using a free progam like avidemux, makes Adobe Media Encoder look like it’s running on a ZX Spectrum.
I am not going to bore readers with my spec. etc. There is simply something very wrong with AME CS4 (fully updated) running on Win7 64bit, that’s all I know.
I tend now to render short projects out uncompressed and use another aplication for encoding. This is not good for larger projects though.
Adobe must know this is not right.