Another way to speed this up might be to turn of journaling for the database. You will need to take a checkpoint after your load to turn journaling back on again, but during the load this will remove the i/o required to writ to the journal files.
I know what you mean. It wasn't really a speed issue I had. I was running an accounts restructure job which has half a million transactions. The transaction log kept overflowing.
The only way to solve it was set nologging, which I hate 'cause its so risky. I could also break the job into smaller batches, but the guys running the job want it done in one go.
Cheers for your advice, I'll take notice of switching journalling off.