Answering my own question
After some more digging: apparently the resource hog was wdaemon (daemon
that emulates a drawing tablet so that it can be hotplugged into X).
This was a surprise since my new laptop also has the same one installed
- and doesn't exhibit the slowdown.
I've emailed the maintainer and asked him to check out the problem.
Another service that affected the speed was cpuspeed - but that's only
when "performance" was not selected as the current profile.
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