With an 18mb test keyring (which I can provide) the first issuing of:
gpg --trust-model tofu+pgp -k takes 2minutes 20seconds.
This blocks other gpg calls because it locks the db and so an encryption /
decryption appears to hang while this keylist is running.
Further calls to this command take 44 seconds. While a "normal" gpg
--trust-model pgp only takes 4 seconds on this system.
See: http://paste.debian.net/884541/ (expires 90 days from now)
Process Monitor shows that the time is consumed by reading the pubring.gpg again
and again. Probably for each key? (Offset starts from 0 moves up and then the
read starts again). Which is likely much faster on Linux with better File system
caching.
I think I have tested older versions with tofu before and didn't notice this so
it may be a regression, but I'm not sure. From a rough look at the code I think
the keybd_new in build_conflict_set might be the cause which is also fairly new.