I opened a case with Apple on this and it basically ended nowhere. They figured it was a compatibility problem with my CF reader and the iMac (2011 i7). The issue, at least for me stems from which USB standard the iMac thinks the reader is.
When I insert my CF reader sometimes the iMac sees it as a USB 2.0 device (speed of 480 Mb/sec), but sometimes it's seen as a USB 1.1 or 1.0 device (speed of only 12 Mb/sec). On my iMac atleast, ejecting and unplugging the reader from the USB port and plugging it back in, will eventually get it into the 480 Mb/sec speed.
It should be on the 480 Mb/sec speed. That's the USB 2.0 standard.
To see the speed of the device, go into "About this Mac" (in the Apple menu top left corner), then click the "System Report..." button, which opens "System Information" app. Under Hardware go to USB and look for your USB CF reader. Mine is listed below. It should say "Speed: Up to 480 Mb/sec). If it doesn't you know it's going to be slow.
Apple tech support gave me a lousy copout saying since my device isn't an Apple device they can't gaurantee compatibility. Hog Wash I say. First of all, Apple doesn't even sell an Apple branded CF reader. They sell only one, a Moshi, which isn't as convenient as the device I currently have and has worked flawlessly on my Windows PC's for years. Second, a Firewire 800 reader would be even faster than a USB 2.0 reader, but they are nowhere to be found. Lexar and Sandisk did make one (maybe still do) but they aren't available for purchase anywhere in North America that I've seen, atleast not for any reasonable price.
And where are all the Thunderbolt devices? They are nowhere !! No eSata interface nor USB 3.0 on any Mac either. Well MacPro might have eSata. Apple missed the boat on the connectivity huge!
So, try unplugging your reader and plugging it back in. Even try different USB ports. On my system it doesn't matter which port I use, they're all about 50/50.
Try buying the CF reader that Apple sells in their store. If you have the nerve to walk into an Apple retail store (I don't) bring a CF card, have them plug their reader into their iMac and see what speed shows up in the System Information.
Here's what mine looks like -
USB2 CF Device :
Product ID: 0x2b00
Vendor ID: 0x55aa (OnSpec Electronic Inc.)
Version: 2.22
Serial Number: 33433747A357
Speed: Up to 480 Mb/sec
Manufacturer: OnSpec
Location ID: 0xfd140000 / 5
Current Available (mA): 500
Current Required (mA): 400