RAW processing is actually a really interesting application, and rendering time depends heavily on what you do with the bits from the sensor.
If you use non-linear interpolation, 2-50x the time to build.
If you do highlight recovery, 2-5x the time to build.
If you only need half the native resolution, build time may be reduced 2-4x.
Basically "viewing a RAW image" can take 100 milliseconds or 15 seconds (on the same hardware!), depending on how you're interpreting the sensor data.
(Source: playing with dcraw and libraw to rasterize raw images for PhotoStructure)