$ mkdir .bitcoin
$ sudo mount -t tmpfs -o size=1600M tmpfs .bitcoin
I thought 1600 megabytes would be big enough, but forgot to take the database logfiles into account, and it ran out of space after about downloading 136k blocks in 26 minutes. The shape of the curve is still the same. The CPU very rarely was flat out during the download, and so I'm thinking the limit now is how quickly the blocks are coming over the network. The blocks get bigger with time, so take longer to transmit.
You will probably be able to copy the blockchain files between the machines' ramdisks in about 20 seconds.
You will find that with the network limitation clearly removed, it still takes a few orders of magnitude longer than the network speed.
If the Bitcoin client cached the whole block index in memory, this might save a few disk read operations per blockchain transaction.