I just timed a spin-up of a 16GB Fedora 18 instance on in the current-generation Rackspace Cloud's DFW data center. It took 7 minutes and 10 seconds to complete. Launching a somewhat larger-in-RAM instance on EC2 in Oregon took over 10 minutes; I stopped timing. In my experience running an infrastructure that's gone through thousands of cloud VM launches, those numbers are typical.
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