As it was explained to me, the Auto Select Seed Frames is the part that's too slow at the moment. They're working on optimizing it, but for the time being, selecting the seed frames yourself speeds things up tremendously. You want frames that are far enough apart to show significant parallax change but that still have a good number of trackers in common.
Once the seed frames are selected, the rest of the solve happens much more quickly. You can actually see that in Vito's console window, where it says Select Seed Frames took 2m 1.04s.
I hope they get it sorted out relatively quickly since Auto Select is on by default.