I have seen this question being asked multiple times on the R mailing list, but still could not find a satisfactory answer.
Suppose I a matrix m 
m <- matrix(rnorm(10000000), ncol=10) 
I can get the mean of each row by:
system.time(rowMeans(m))  
   user  system elapsed   
  0.100   0.000   0.097
But obtaining the minimum value of each row by
system.time(apply(m,1,min))  
   user  system elapsed   
 16.157   0.400  17.029
takes more than 100 times as long, is there a way to speed this up?