Thanks that did the trick!Apple has put in a feature where you double tap with two fingers and it zooms in. It's called "smart zoom". It seems that when this is enabled, secondary click slows down. I guess it's the system trying to figure out what you are going to do. If you don't think you need this, go to system preferences, then trackpad, and unlick "smart zoom". This should speed up your secondary click up to normal.
I'm glad! I was happy when I stumbled upon this. The delay reminded me of something in snow leopard, and I had to disable double click and drag or something like that... Bottom line, I'm glad that solution worked, I hope others find this out too if they have the same issue.Thanks that did the trick!