See RedHat Bugzilla id #224671 for Zachary Amsden's excellent description of this problem. The fix seems to have been been committed upstream to the RHEL kernel in february 2007, and has been confirmed to be in the -45 kernel on September 12th (see bug #224671), but neither kernel update 2.6.22.7-57 for Fedora Core 6 nor kernel update 2.6.22.9-91 for Fedora 7 seems to have this patch. Without this patch, booting Fedora Core 6 or Fedora 7 in a 64-bit VM is extremely slow and CPU-consuming.
Created attachment 217341 [details] Patch to fix the slow boot
Patch queued for FC6 and F7.
Next F7 kernel will be 2.6.23 and will have this fix already applied.
Fix is in both FC6 and F7 now.