What exactly happens during the delay?
Is the PlayOnline Viewer window still around? Is it black, or does it still have the graphics around? Does the PlayOnline Viewer music still play?
Or does the delay happen when the main FFXI client window has opened, but it gets no graphics rendered?
Something completely different?
It may also be worth to mention for which region the installer was for that was used to install the game (not sure if they have differences other than the EU client having different language options still, and separate config 'tools').
If using the EU installer, one might want to make sure they have a language selected via the PlayOnline Viewer (even if it already appears to be set to English, it seems to default to no language, or in other words, US English (I reported this as a bug not very long ago)). If nothing else, setting the language will fix the timezone used in certain places, and remove the ESRB notice from when launching the game.
I'll add that I have no such delay (new EU installer), but I'm also running the game via Wine on Gentoo Linux, and would not be surprised if there was something new going on in a native Windows environment.