Theres an average of approx 4-5 seconds load time on a vanilla app - single form with a Quit option on a softkey - this is with no other applications running.
Based on the fact that Smartphone has less memory at its disposal than a Pocket PC and generally they run slower CPUs then I'm not surprised at this. A lot of applications will happily continue to sit dormant in the background when you switch to other tasks so you wont always notice the startup hit as on subsequent runs you'll just be switching back to the application which was still loaded in the background.
The Compact Framework doesn't cache its compiled code after jitting your .NETCF application so each time it has to build the native code from scratch.
To put this into perspective the Inbox application takes about 3 seconds to start and Media Player about 5 so the difference is not so pronounced between .NET Compact Framework apps and native ones.
A lot of the optimisation techniques discussed for Pocket PC still apply on the Smartphone platform as architecturally they are very similar. You could use a splash screen to inform the user while the app loads on a separate thread:-
http://msdn.microsof...tml/casoast.asp
And some tips in Neil's article which involve tweaking the designer generated code in the IntializeComponent method:-
http://msdn.microsof...ormloadperf.asp
HTH
Peter