I was messing around with my Preferences and unchecked "Enable AGP (faster if using an AGP graphics card)" just to see what happens. Apparently I don't have an AGP card and this setting makes a HUGE difference. I now move around in SL silky smooth with faster rez!!!
*UPDATE**UPDATE* *UPDATE*
I just found out how to check my graphics card and it is an AGP card. So the checkbox "Enable AGP (faster if using an AGP graphics card)" obviously doesn't work for me. I don't see my graphics card listed as SL supported. So if you are having slow rez problems, try checking/unchecking this.
I have a laptop with a ATI MOBILITY RADEON 7500 AGP 32 MB on an Intel Pentium M 1600 MHz, 1.00 GB RAM.