Jim Roepcke posted a link yesterday to this YouTube video which shows the ridiculous load time for Smackdown vs. Raw 2006 on the PSP.
Whoever did the video put a nice musical loop and some funny text commentary overlayed on top of the load screen.
From startup to actual playing in season mode takes 6 minutes, including a couple of loading areas that seem done to provide superfluous graphics.
Update: The video has been removed from YouTube, but can be found at Google Video.