It's just taken me 36 hours to download the block index with the bitcoin-qt app, and that's on a dual-core Athlon 4400+ with 4Gb ram and SATA drives. I stopped it and moved the blkindex file onto a RAM-based filesystem halfway through which helped speed quite a bit, though I didn't have enough RAM spare to put the data files in too.
I do feel that this is one aspect of bitcoins that isn't going to scale too well in the future as the block history keeps growing, and won't be compatible with mobile computing. Personal clients and wallets may become the exception rather than the rule, as they'll exceed the capacity of mobile devices as well as the transfer limits on data plans. As a newcomer I'd be interested to read up on any future plans or directions if anyone knows where to find them ?