Deke,
i think i figured out why most people believe Combustion is slow-- the settings are hard to get used to. I just spent a few minutes configuring Combustion 4 on a Sun dual Opteron 250 workstation with 4 gigs of ram and a Quadro FX3000. It is pretty fast at 1280 x 910 (custom setting) 12 bit 24fps, but was slow and sluggish until i got my settings right.
Here are my settings;
Preferences-- mostly default, but make sure that software Open GL is unchecked, and uncheck “use texture ram”. Then, in the composite settings, make sure rendering is set to software. Then enable Open GL in the window tab. It’s pretty insanely fast on this system-- at preview resolution on a 1280x910 comp with a Diamond key, color correction, grain removal, and 2 Sapphire camera shake nodes, rendering at about 9fps-- playing back 14fps. Added Sapphire glow to the nested comp, it was down to about 6fps rendering, then 14fps playback. The addition of most other Sapphire plugins (blurs, etc) are rendering at around 9fps in preview rez on the whole nested comp.
I added a particle stream to the comp-- a fireball travelling across the screen, and it rendered in preview rez at approx 9 fps. In Medium rez, it rendered the above comp including the particles plus blur at 17fps then played back at 24fps (the comp speed).
When I do a render to ram, it plays back any rez at 24fps. It took 45 seconds to render 35 frames at best settings.

