That was expected actually. Had to run a database import that took almost 11 hours, during which time we experienced server loads ranging from 5 to 10, which is fairly high, and it'd be totally normal to experience lag in that situation.
Typically on any kind of shared hosting (GoDaddy, etc) you see loads from 2 to 5. On a box like we're now on, the load should be below 1, and hopefully it will balance out in the .1 to .2 area. Any load time over 1 means the server is behind, anything under 1 means it's able to keep up. We'll see how it goes, but you should see much better performance.
Fingers crossed.