There aren't any slowdowns! most of these complaints are down to one thing: user error. Not the OS itself.
How do i know? it doesn't take a few seconds or 10 seconds for wiggle to start on my own phone and they wiggling stops the instant i press the home button...and i'm not the only one. People with issues are likely having them due to bringing over settings/caches from 4.0 (or even iOS 3.x or earlier) to the latest update.
As a rule of thumb always reset your settings after each significant update if you're noticing problems that others don't have and check the apps you have installed (have they released updates). Some aren't properly optimized and take up un-necessary resources over time.
PS- 387- 500 apps? really?
Been around before 4.2
The slow down is not "user error"?
Every user has different needs, You may not have a need for over 380 apps, but i do, as do many others.
I am a Sys Admin and use my phone for work therefore have apx 40 apps that i use to check specific issues with servers, workstations etc... I also use my device for my home network, HTPC, IPCams, home security, home media travel, holiday/travel bookings, social networking, SatNav, Traffic, Shopping, and FUN... I use those apps at least weekly and therefore are useful to me.
If Apple thought that we were the minority they would never have felt the need to introduce folders and multitasking etc... Its thanks to heavy users that the product continues to evolve and have its bugs ironed out.
The app slow down is very common it would appear, as it has been mentioned on O2 forums, Apples own forums and a quick youtube search shows many other users with the same issue (all with large folders full of apps)
http://www.youtube.com/watch?v=R0BIV3Wj14M
Just because YOU don't use the full potential of your iDevice does not mean that when we find a "bug" that its down to user error on our behalf.
Just because YOU only do what YOU need with YOUR device does not mean that the rest of world is incorrect for not following YOUR lead.
I know that this particular issue is NOT user error and can categorically prove it, by filming the phone with 8 aps per folder working fine, then allowing folders to having 12 apps per folder and watching the device eventually come to a crawl, based on the amount of folders you actually have can determine weather this fault is also apparent. I currently have 2 folders of 12 and it seems OK at the moment. When i had a page worth of 12 per folder it was a nightmare.
(The slowdown, i believe is down to the new folder animation introduced in iOS 4.2.1)
Its nothing to do with bringing over cached files from an old backup, if you read our posts you will see i reinstalled 4 times prior to narrowing down the fault, each time set up as a new phone, and have reported it now as a bug to apple.
This forum is becoming full of pointless posts from armchair experts these days, what ever happened to the good ole days where everyone would go out of there way to help... Now its smart arse responses based on opinion rather than actual fact.
Install 387 apps on your device, put them in folders of 12 and watch your phone come to a crawl when you try to enter removal mode. Then come back and post more of your armchair nonsense about cached files.
If you take the time and effort to check and do the leg work associated with this particular bug, you will see, that in fact, you were incorrect with your initial assumption that this is user error.