That's about how long it took mine, too. There was a post by one of the Lone Wolf staff on WoTC's boards that the downloader having such a slow download speed is possibly one of the reasons that WoTC hasn't found issue with the program, due to relatively sleight impact on the servers that house the Compendium's files.
Posts I've read on these forums have led me to believe that subsequent uses of the downloader (for updates) will take less time. But I haven't has to test that yet.
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