It takes a long time with the SD card. I can't recall since using the SDcard in my 500 slowed down page turns significantly, even in books which were stored in the main memory and not on the SD card.
But it was a looooong time when I would put books on the SD card and then start the 500 afterwards. At one point, when I was foolish to put an astronomical number of books on the SD card, it was so long I thought the thing was broken. But I decided to wait a while longer and it finally started working properly. That, combined with the lack of collections for books on the SD card or Memory Stick (wasn't that much faster than the SD card) which made browsing for a book to read a lot more difficult, convinced me to live with only the 300 or so books I can fit in the main memory and stop using the memory cards.
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