The first time it updates itself it updates EVERYTHING - the program itself, liveupdate, all that stuff. I came back with a list with about 7 things on it that it was updating, and it took like 10 or 15 minutes just to look. If it's your first update then let it run for a while is all i can suggest.
Oh yeah, now it slams - i clik on liveupdate, i give it permission to leave (Zonealarm), it tells me there's an update (or not), i say do it, it gets it, it says update, i say yes, done. The longest part of that process is for it to install itself.