IE8 (upgraded from IE7) on XP, is far too slow to start when the system is already is immunised with Spybot - Search & Destroy - it seems that this is the problem.
I've been using SS&D for some years now without problems, so if it's possible I'd be more confident to keep using it than IE's new security feature.
What is the right way (without breaking things) to get IE8 snappier on a setup like this, is SS&Ds immunisation now redundant?