Could it be that the iPad2 is slower?
Please correct me if I'm wrong, but the iPad1 has a 1Ghz CPU and the iPad2 has a dual core 800 or 850 ish Mhz CPU.
Could perhaps the photo app only be running on only 1 core which is a little slower?
I'm only guessing?
You're wrong
Apple.com/ipad tech specs clearly state 1Ghz Dual-Core A5 processor