There is slowness when creating spreadsheets with <cfspreadsheet> while using the function spreadsheetAddRows(). According to reports for 100 rows approximate time is 1 second or more, 250 rows 20+ seconds. This is a known bug in ColdFusion 9, and there is currently no fix provided by Adobe for this problem. The known work around for this issue is to use Ben Nadel's POI Utility. Using the POI Utility the same 250 rows created takes less than one second.
See Adobe Bug Report for slowness using spreadsheetAddRows().