I was so happy to have seen the new release from magento that for 2 days I was completely blind to the fact that dataflow import has a pretty poor performance now in this new version. Tested with old version and observed Mage_Catalog_Model_Convert_Adapter_Product->saveRow() method
In v1.0 - the line
used to take 2 sec for one record to be uploaded.
Now on the new release 1.0.19700, this same line takes a whole 5 seconds!!!!!!
Am planning to upload all products using v1.0 as this new version seems to be having something wrong on the dataflow :(