Is my system o.k. for encoding full HD in Premiere?

I need some insight here ...
Let me start by saying ... for more than 15 years I have been a producer ... and hardly ever got in front of an editing machine to edit myself ... but now for the last 3 years ... I have been doing more and more editing ... I don't know much about the hardware side of things ... only enough to know ... I don't know much ...
I have the following:
Windows vista 64bit
asus p5kc motherboard
Intel core 2 quad Q6600 2.4ghz cpu
gforce 8800gt gpu
8gb ram
300gb raptor C-Hard drive (that's where the CS4 software is ...)
1tb Seagate (sata) (that's where the content is)
(and two other hard drives)(sata) (with graphics, ect)
I'm running premiere cs4 and I'm trying to render and encode Sony ex3 (1920x1080) video, along with some full screen HD graphic beds ... with a two box overlay of video and jpegs ...
It's taking around 6 times longer than real-time to encode (1hr video is taking 6 hours to encode) ... is that normal for a system like mine?
I did just get a matrox compressHD card ... to help ... but the pc drivers don't come out for a few weeks ... I really just want to know if I'm missing something here (like a bottleneck in my system) ... or is that how long it takes to compress full HD.
Sorry if I left out any vital info ... I just don't know what else is vital to figure this out ...
Thank you in advance for any insight on this issue ...
Paul

Harm,
Thank you for you insight ... I see that you are on this board helping all the time ... so, thank you for helping others ...
As far as the encoding ... it seems like all of the formats you listed are slow ... I have tried H.264 and DVD
bit rates are on preset ...so,  let me check on that info and I'll list it here later ...
I'm on single pass ... and max quality ... (any chance you could ballpark the render time difference between max quality and good quality?)
... but just knowing that the system seems to be performing o.k. ... tells me I'm not dealing with a bottleneck issue ...
(but ... I hope the "compresshd" card will help when the drives come out for pc ...)
Thank you for your time,
Paul

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