Because the sync disk IO is important to avoid losing database updates or corrupting the database when the power goes out during a write— which matters a lot for the wallet but not everything else. However, it currently uses the same database setup (though different files) for all things.
So an update on this— After having some people test the RC builds on lower performing windows boxes (e.g. random spinning disk systems with only 1GB ram) they're still seeing 18 hour syncs, so at least on those systems this particular doesn't make as big of a difference as it does on fast/linux/ssd system. I'm still working on finding additional improvements for all systems.
If you'd like to benchmark it on your own system(s), you should add logtimestamps=1 to your bitcoin.conf so your debug.log file will get a timestamp for every entry. Then you can start it up and check later to see how long it took (this is how I generated the graphs used on this page).
There are RC builds with this fix (as well as some of the recent deadlock fixes), made by Matt Corallo <[email protected]> using the reproducible build process:
http://dl.dropbox.com/u/29653426/bitcoin-0.5.2rc1.tar.bz2
http://dl.dropbox.com/u/29653426/bitcoin-0.5.2rc1-win32.tar.bz2
(though, er, personally I wouldn't run binaries from dropbox urls, except for the fact that I knew Matt posted them)
If you do try out the RC builds please let me know (either here, in #bitcoin-dev on irc, or in PM) as getting a few more people trying them out is the only thing delaying their official release right now. Always make sure to backup your wallet before trying new software (and periodically even if you're on old software!).