David Tan posted a very great message on the MSDN Forum about this. But essentially the cause of this is that the Management Studio is trying to access the (digital) Certificate Revocation List crl.microsoft.com at Microsoft at start up, and if the server happens to be behind a firewall or no-Internet then it has to wait for the timeout.
If this server must sit behind the firewall without any chance to get out to the Internet (like inside the hospital network, or a QA test lab) then the one way to work around this is to configure the firewall so that it will immediately reject the connection when it sees the URL to crl.microsoft.com
UPDATE: (6/19/2010): More direct answer by Microsoft on this: http://support.microsoft.com/kb/555686 is to essentially to turn off the Online MSDN Books feature and also to turn off CRL Lookup from the Internet Explorer altogether.
Here is a cheap cheat if we have a web server in the same local network (only do this if your system always has no hope of getting out to the Internet, and you already made an enemy with your IT department).
Under your system32 directory there is drivers\etc directory. Edit the hosts file in there so that crl.microsoft.com points to a running web server.
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