It seems slow here too. My PC is hardly usable for like 5-10 mins (didn't time exactly) every time Comodo updates. It's not my internet connection; I'm on a blazing fast University connection.
I think a lot depends on your PC spec. I've got CIS installed on a variety of platforms and I would say that on a dual core PC with 2GB RAM, there's virtually no impact on performance. One core can handle the CIS update leaving the other free to run your application(s).
It's a different story on a single core PC with only 512MB RAM. Here, everything stops for tea while CIS updates. It's particularly bad if you've not used the PC for a day or two and it needs to add a lot of new AV sigs to the database.
I'm not sure if things improve if you throw more RAM at it but I can say that if you only have 256MB RAM, then it's absoulutely dire - can easily take 10-15mins with lots of disk thrashing and the PC is totally unusable during that time.