Apparently no longer! It would appear that all you need to do is rename feacp.dll to something else (I renamed it to feacp.Not_dll). Restarting Visual Studio and loading a project was super fast, compared to what I was used to.
You can find feacp.dll in Microsoft Visual Studio 8\VC\vcpackages.
(if you're using VS 2008, it's in Microsoft Visual Studio 9.0\VC\vcpackages)