OK, so far so good with the detective work. I am with Rogers in Canada. So here we are with my 3GS running just as snappily as ever and yours running slow as molasses. I know that carriers are in the habit of customizing the phone software for regular mobile phones (or maybe it's in the SIM?) - I wonder if it's conceivable that UK carriers are doing something to the iPhone software that creates issues in the 3GS running iOS5? Such issues could persist even when the phone is not connected to the network.
So here's a more general question: those who are experiencing molasses, what is your country and your carrier?
Hmm, it's also conceivable that the actual phone hardware/firmware is different for phones sold in the UK versus those sold in Canada. That could be another reason for the difference. Detective work continues...
I'm coming to the UK for Christmas and it will be interesting to see what happens to my 3GS performance when I'm there! Even more interesting would be for me to plug my SIM card into your phone and see what happens but unfortunately that wouldn't work because the phones are locked to a carrier.