I've had to reload Win95 (for the millionth damn time). This most recent time, there is a long pause (20+ seconds) in startup. I stepped through startup. The pause seems to occur initializing the CD device driver (SAME ONE I've always used!). I noticed that IFSHLP.SYS was loaded afterward (This helps backward compatability for device drivers, right?). I moved loading this before it in case that was causing the problem. No difference. CONFIG.SYS has bare SETVER, HIMEM, DOS=HIGH (IFSHLP loads no matter what).
Please don't respont with "Why don't you try reloading Windows again?". I am as much interested in the cause of the problem as the solution.