If you're loading files directly from a Memory Card, without going through the Connect Software, then there is a delay the first time you open each file, while the Reader figures out the page breaks. It does the same thing, with a similar delay, each time you change the font size (click the size button) -- it only does this once per size (i.e. when you open on Small, it paginates, the first time you go to Medium it does it again, and the first time you go to Large, it does it a third time, but after that, it doesn't need to do it any more). After that there doesn't seem to be any differenct between Connect processed files and straight Memory Card files.