As suggested by @laanwj on IRC:
<cfields> whoa
<cfields> Leaving test case "knapsack_solver_test"; testing time: 358694ms
<cfields> i386 + old wine ^^
<cfields> Leaving test case "knapsack_solver_test"; testing time: 6781ms
<cfields> ^^ same, but with the LogPrint commented out
...
<wumpus> if both log-to-file and log-to-console is disabled, it should probably bypass all logging
Edit: The painful line commented out being the LogPrintf in CWallet::AddToWallet.