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die-sis_r011: I thought maybe it was me using Powermad 3.62 patch that might have messed things up somehow. So i just reinstalled the game without that addition but the loading times with Catalyst VSync on is still a fairly long wait (from 30 seconds to maybe a minute for levels).

I am using HD aspect ratio 1920x1080 with anisotropic filtering. All other settings are default.
No, it was mistake on my part. Update got re-added.