never tried the WinHIIP method because i lacked the equipment, and i heard it was slower than installing from disc. also, i can intall imports by using the swap method so that's not a huge problem.
No, it's definitely MUCH faster. 2-3 minutes on WinHIIP for most games for me for adding, extracting, maybe 5-6 minutes. Works flawlessly with imports too, did it many times using ToS and ToD2 and other games.
Depending on your PS2 laser and such, it could take much longer ripping it from the PS2. :/
And check out Free McBoot. It's great once you get it running. Holding a button to boot directly into HD Loader while turning on = yum