The registry entry should always have vmhgfs first otherwise when the server name is trying to be resolved by the UNC provider the Micosoft SMB will get the vmware-host name first and be unable to resolve it before passing the request on to the VMware redirector. This is what causes the delay! It waits on a timeout for that.
I am puzzled how the list got ordered the way you found it, kinda worrisome. Our installer should insert vmhgfs at the start of the list.
Glad that this resolved your issue.
Sorry DrG that this wasn't your issue too but I would have been shocked if it had been,
also I would be having serious words with our installer guys too if that was your issue.
I am still trying to get your issue reproduced too.