Thanks for that toonz - saved me a lot of frustration!
My diagnostics with iTunes 4.9 installed are in the message of mine immediately before the one you responded to. I noticed that the error codes are the same as several other people on this post are getting, i.e. 00000456 repeated many times.
I've just tried importing again with iTunes 4.8 (which previously worked fine for me) and I'm getting the same problem (i.e. 15 seconds per song). I've done Run CD diagnostics again and now get:
Microsoft Windows XP Home Edition Service Pack 2 (Build 2600)
iTunes 4.8.0.31
CD Driver 2.0.4.3
CD Driver DLL 2.0.3.1
LowerFilters: PxHelp20 (2.0.0.0),
UpperFilters: GEARAspiWDM (2.0.4.3),
Video Driver: SiS 650
651_M650_M652740 SiS Compatible VGA
IDE\DiskWDC
WD400EB-00CPF0_____________________06.04G06, Bus Type ATA, Bus Address [0,0]
IDE\CdRomATAPI
CD-RW_52XMax______________________150D___, Bus Type ATA, Bus Address [1,0]
Some Dell computers need an update to the ATA bus driver before iTunes recognizes CDs. If you have a Dell computer, check the Dell support website for details.
E: ATAPI CD-RW 52XMax, Rev 150D
Audio CD in drive.
Found 19 songs on CD, playing time 75:18 on Audio CD.
Track 1, start time 00:02:32
Track 2, start time 04:49:35
Track 3, start time 09:08:12
Track 4, start time 11:48:67
Track 5, start time 14:17:17
Track 6, start time 17:26:47
Track 7, start time 20:58:65
Track 8, start time 24:13:15
Track 9, start time 27:06:05
Track 10, start time 30:11:12
Track 11, start time 33:25:52
Track 12, start time 39:06:60
Track 13, start time 43:24:52
Track 14, start time 49:31:20
Track 15, start time 52:42:17
Track 16, start time 55:58:62
Track 17, start time 59:49:02
Track 18, start time 67:20:50
Track 19, start time 72:46:50
Check the website of your computer or drive manufacturer to verify that you have the latest firmware for your CD / DVD drive.
Let me know if you need any more info. Cheers.