I had a similar problem about a year ago with a Thinkpad with Intel graphics. It turned out that Xorg's Composite extension was causing my terminal (and a couple of other windows) to draw very slowly. Try adding this to your /etc/X11/xorg.conf:
Code:
Section "Extensions"
Option "Composite" "Disable"
EndSection
I don't know what ramifications this has for Compiz or other compositing window managers. I'd imagine it breaks them.