Recently I switched a number of networked HP printers (Laserjet P4515n) to the universal print driver because the model-specific print driver was crashing and rebooting the print server. After switching, the print server no longer crashed; however, opening the printer properties / settings pages was terribly slow, taking 1~2 minutes to finally open.
The cause I determined was actually McAfee Virusscan. Luckily, I found this entry in the on-access scan log:
Not scanned (scan timed out) C:\Windows\System32\spool\drivers\w32x86\3\hpchl118.cab none (Virus)
Adding this CAB file to McAfee's scanning exceptions list solved the problem.