Thanks for your reply. I realise it's a tough question to answer ...
I looked into the cpu issue again and I still don't think that should be a limitation. My processor is a Pentium 2.6GHz, which should be enough, I suppose. Also, I'm only using it from SSH, which should limit the GUI overhead (I also tried shutting down X completely, and it didn't make a difference). Finally, the sluggishness only sets in after a heavy job has finished - until then everything runs smoothly.
However, it's more than a little puzzling that SuSE reported two cores on this machine, when there is only one (Ubuntu seems to realise this).