I'm not sure if it's just me but has anyone else upgraded to RSLogix 500 CPR7 and found it take like 2 minutes to startup? On my machine it takes longer to start than autocad on a network deployment with abecad installed.
Did you change anything about the location of your activation key? The Rockwell software will check all drives designated in the rocksoft.ini file under the CHECKDRIVES parameter. If you have a non-existent mapped drive designated, it will try to search that drive for a while before giving up.
I echo jshiepe's advice - though not with this install, it was an install of an older version on a new networked computer that took forever to boot. Setting the CHECKDRIVES did the trick. Apparently it was checking the root directory of all possible network connections. I limitied it just to my 'C' drive and it picked right up.