I can confirm the load time difference on my VIA CN700/VN800/P4M800CE P4 system. LILO takes 10 seconds longer, spending that time on "Loading Linux.................."
What would be nice to add to this HOWTO would be the necessary entries for getting the boot choices (GUI and TUI), like we get with LILO.
To answer this question, in case anyone is interested,
1) Open the file /boot/grub/menu.lst in your favorite editor, as root.
2) find the section of where your VL install is listed. It will look similar to this:
title Vector Linux 5.8 (2.6.18.5)
root (hd1,0)
kernel /boot/vmlinuz-2.6.18.5 ro
initrd /boot/initrd-2.6.18.5
3) copy and paste the total entry just below the one you currently have.
4) The third line of what you just copied/pasted should start with "kernel /vmlinuz" or "kernel /boot/vmlinuz"
5) Just add a "2" to the end of the line. (I'm guessing on this, since I'm not sure if runlevel 2 is single user , text mode , and "3" is multi-user text mode. If the TUI choice in VL is runlevel 3, then add that.)
6)At the top, in the line that begins "title" just add the TUI after the name of your install. e.g.
title Vector Linux 5.8 TUI (2.6.18.5)
root (hd1,0)
kernel /boot/vmlinuz-2.6.18.5 ro
initrd /boot/initrd-2.6.18.5
7) There is also a line near the top of the file that reads "hiddenmenu". Comment it out by adding a hash-mark [ # ] in front of it. This will show all the entries for the systems started by grub. If you are like me ( a "pack-rat" personality) then you may see anywhere from one to X amount of kernels listed, with the newest at the top.

Save the file.
When you re-boot, you will see the names of the installs only, not the other information.
Vector Linux 5.8
Vector Linux 5.8 TUI
hth someone. It's easier to do than it reads.
thump
(aka) Bill