Actually, this may depend on which platform you are developing too. GDI + Acceleration has been removed in Windows 7 / Vista. Thus, all GDI + operations, even simple ones, such as hiding / showing forms, are much slower.
This is one thing that was not removed in Windows Server 2008, but has since been removed in Windows Server 2008 R2. Therefore, if you use Windows XP or lower, or Windows Server 2008 or lower for your development machine, it can be noticeably faster than a similar Windows 7 or Windows Vista machine.
Regardless of hardware acceleration, video card comparisons may be fine. Embedded graphics cards on low-level machines are rarely compared with embedded graphics cards included in development machines.
Other performance problems are the real lack of RAM (especially if it runs on a 64-bit version), it can cause GDI calls to an incredibly slow hard drive (5400 rpm) if it lacks RAM.
Try to run the same test in WPF? If the speeds are very similar in WPF, this is probably due to a video / hardware acceleration or memory problem, since WPF benefits from full 3D hardware acceleration and uses your video memory mainly for the user interface, not for your RAM.
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