Loading Events is Slow

Love FCPX events and metadata. Don't love the fact that loading ("reading") events on startup is painfully slow. I've got about 5000 clips (~1TB) in my Event library consisting of about a dozen events. Every time I start FCPX I've got to wait maybe 20 seconds for the splash screen to finish reading events and then as I click on events there's additional load time in the tens of seconds. All of the clips and Events are stored on Firewire 800 drives. Anyone else experiencing this? I was really excited about having all of my clips key worded and available at all times through the FCPX application, but I'm thinking I may have to take most of the events off-line unless they're needed.