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Yep, I experienced this the first time I synced too. If I remember correctly, it went a lot smoother the second time I synced some photo/videos.

Maybe just sync a few, stop the process, and then do it again?
 
If images are larger than 1024x768 then iTunes will resize them when syncing. That is probably what is taking so long.
 
I've run into this syncing photos to my iPhone and to my iPod. Optimizing takes forever--I have around 7,000 photos.

It does run easier the next time, but inexplicably once in a while it decides to optimize them all over again. It's random.
 
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