I have following entries in my idea.log (during new project creation):
2011-09-15 14:15:33,363  INFO - .roots.impl.DirectoryIndexImpl - Directory index initialized in 371968 ms
2011-09-15 14:15:47,818  INFO - indexing.UnindexedFilesUpdater - Indexable files iterated in 14255 ms
2011-09-15 14:15:47,818  INFO - indexing.UnindexedFilesUpdater - Unindexed files update started: 119754 files to update
2011-09-15 14:26:16,546  INFO - indexing.UnindexedFilesUpdater - Unindexed files update done in 628728 ms
DirectoryIndexImpl seems to build directory information, package to directory information. I guess this should be very minimal compared to actual indexing operation.
In this example: Directory index initialization took 371 seconds, where as indexing took 628 seconds. Is this normal or do I need to investigate further why it is taking so much time.