Thanks to everybody who has replied and given your input.
I do not think it is a browser cache or temp problem as other pages load very fast. My cache is only 500KB.
I am on Cable connection and it takes 30 seconds. I am sure if I am traveling outside of the country, lets say Asia, and on a dialup, there is no way I can ever login and publish with this horrible speed issue.
I adopted the Dashboard Hack -(which is so easy, just replace one index.php in wp-admin directory). We can easily switch it back if wp next release does a better job.
This dashboard thing is very contradicting with WP’s philosophy – which is easy and fast to use. And to my opinion, those feeds are not very useful either. I’d rather checking forum myself, and subscribe to their newsletter.
Thanks for all of your help.