The PNaCl translator takes time to optimize the bitcode to highly-efficient machine code (which is almost on par with native performance). This only happens the first time you load the demo - afterwards the output is cached and the load should be instantaneous.
Translation time is one of the highest priorities of the PNaCl team and it should become significantly better in the future.
Sadly even after it loads and hitting refresh I still see a progress bar.
As google knows loading time really really matters and for such small demos it does not look good that it takes 10(?) seconds to load. Makes me wonder about larger applications.
Does it take the same amount of time to load on subsequent runs as on the initial run? This should not happen. Are you running in incognito mode, perhaps? (in that case, caching doesn't happen for obvious reasons). Feel free to submit a report on the native-client-discuss mailing list or through the bug tracker.
It is faster, say less than a half second and not the 10 seconds it was the first time, but still very noticeable. Normal latest chrome on a Windows 2008 box.
