In Visual Studio, if I go Debug > start debugging or Debug > Start without debugging, the browser appears after a few seconds, but then is sits there with the connecting message for about 30 secs before the page loads (i.e. to http://localhost:51350/).
I have created a brand new empty MVC4 internet application to check it is not breakpoints or something.
It is the same on Firefox and Internet Explorer.
Subsequent clicks on the links on the browser page (or pressing F5 in the browser) are very fast - it is just the initial load after compliation that is slow.
The only uncomented line in my hosts file is: 127.0.0.1 localhost
If I load webpages with Apache it is very quick (of course I have apache switched off when I'm running the VS tests).
I have applied all updates to Visual Studio.
I'm on Visual Studio 2012, Windows 7 64-bit, 8GB RAM