That does seem very long. the 3 times i've done it i've always moved it to a hard drive and then onto the new computer. it's never taken me more than 5 hours or so with close to a TB of video.
now that i think back when i went directly from one computer to another it did take longer, but i wasn't doing that much data.
I just got a new iMac on January 2nd, and moved 320GB worth of data from my external Time Machine backup drive (a Firewire drive connected to the new iMac via the Firewire to Thunderbolt adapter) to the new iMac in about 3 hours or so. This was all done via Setup Assistant, not Migration Assistant (which can be run later on for those in a hurry to use their new Mac).
It almost sounds to me as if you're transferring everything via WiFi.
If you failed to use the Setup Assistant on first boot connected via hard wire, I suggest starting over, wiping the HD, using the recovery mode to reinstall the OS, and on first boot following the steps in Pondini's Setup New Mac guide.