What do you want to bet that there's still a cursor or two in that.
I had a process a while back that deleted 2 million rows, did aggregations over 150 million rows then inserted another 2 million. Total duration - 45 minutes.
Ok, that was a monster of a server, but still....
Gail Shaw
Microsoft Certified Master: SQL Server, MVP, M.Sc (Comp Sci)
SQL In The Wild: Discussions on DB performance with occasional diversions into recoverability