Some more information from my testing:
The bottleneck is in the file administrator->components->com_hikashop->classes->product.php
and the part of the code causing the slow load is:
			if(isset($element->$field) && is_array($element->$field) && count($element->$field)){
				$array=array();
				foreach($element->$field as $k => $v){
					$array[$k] = (PHP_VERSION < 5) ? $v : clone($v);
				}
				$variant->$field=$array;
			}else{
				if($field=='product_name'){
					$config =& hikashop_config();
					if(!empty($variant->characteristics)){
						$separator = $config->get('characteristics_values_separator',' ');
						foreach($variant->characteristics as $val){
							$variant->characteristics_text.=$separator.$val->characteristic_value;
						}
					}
				}else{
					$variant->$field = @$element->$field;
				}
			}
I believe it is the line $variant->$field = @$element->$field; that does the most damage.  Looking at the products it is the text in the description which is making it slow, reducing the description to a couple of words makes it fast.  This means that any product with multiple variations and large text, are slow to load, which is not great.