Sorry, but I think I should disagree strongly! This might to be an (or better the!) important bottleneck for each newbie who want to start to use bitcoin-qt.
You are true, it is no bottleneck for you and probably for > 95% of all forums posters here who has done already the initial download of the blockchain data. "crappy block download and signature validation" becomes the next bottle neck AFTER you have your personal block chain in a bitcoin-client-conform format!
I also dislike to see it to be replaced (the currently undocumented "blkindex.dat"-format) by new formats in rev*dat, blk*dat, coins-directory (and blktree-diretory?), if these stay undocumented or to be over-complex. Again making it impossible to use directly this raw block chain data. I think I have shown with my block-parser, that conversion of this data into a bitcoin-qt usable structure can be done only in a few minutes on a typical hardware and not in more than 20 times real time for bitcoin-turbo and checking everything inside the main block chain except the script-verification! Yes, before, 0.7.?, it were more than 200-times of real time, so a great achievement of your new experimental 0.7.99 version.
Please remember: I only started activity in this Bitcoin Forum, because the VERY SLOW initialization with the main block chain by the (most spread) bitcoin-qt client might put off increasingly many want-to-be starters into the bitcoin world.
smtp