This is about right for a P4 2.8ghz processor if you are using video that doesn't match the project settings and has effects applied.
If you are using DV video then only the transitions should need rendering.
I guess what you mean is when you output using the MPEG card, and this very much depends on the card and how much of the work has to be done by the processor. As Tony says VBR encoding gives better results than CBR, but only if you are trying to fit a lot of video on to a single disc, which is what you are doing in this case. If you have a shorter clip to encode then use CBR set to max and you will get the same good quality but a larger file and only half the time to export.
It sounds to me that you are doing everything right, to help things along you could install a second HDD and make sure that all the files used in the project are on the same HDD and then export to the other HDD so 1 does the reading and the other does the writing.
Do all your edits save the project and set it exporting over night.
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Edius Pro, ADVC300
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