"In my Global Options I changed the option "CompatibilityToolWarning" from True to False and Mathematica now opens fresh in a few seconds."
On further investigation the above is incorrect. Global options appear not to be involved.
WRI has changed the entire top-level, start up interface. In the long run this is probably for the better, but in the short run, at least for Windows users, it sows much confusion.
The top FrontEnd Bar is gone and is now incorporated in each notebook. Notebooks are now minimized to the task bar just as other Application windows. (This might be considered a significant improvement.)
On my Windows, the initial start up is always about a minute. But after that, notebooks can be closed and reopened in a few seconds - provided it's done the correct way. The bad way is to right-click the Mathematica icon and open Mathematica 10. The right way is to get a small "Wolfram Mathematica 10" palette to appear. It has "New Notebook", "Open.." and "Quit" buttons on it. If you click "Quit" you will be back to the long initial start up. The problem is to learn how to get that palette to appear! If all notebooks are closed, then one method is to just hover the mouse over the task bar icon. Then several quick "Formatting Notebook Contents" windows appear and then the Mathematica 10 palette. You can quickly open a notebook from there, either from the File menu or the Open button. You can also quickly open a notebook from a library folder while the Mathematica 10 palette is open - but not if it is closed.
Another bit of confusion is when persistent palettes appear and when they don't. They appear only when you have selected a Mathematica notebook - which is probably for the good.
One possible method of operation is to keep the Documentation Center open, but minimized, all the time. Then notebooks will open quickly from most anywhere.
Starting Mathematica and opening notebooks is the top level primary interface. If I were WRI I would consider the fact that this is not quick and intuitive a major problem.