those times do sound longer than they should be -- check out the times reported here:
http://hardforum.com/showthread.php?t=1762504&page=3
Out of the box GTX 780 Superclocked... no additional overlcocking applied yet.
System CPU is a 2700K (@ stock) on a P8Z68-V mobo.
Project ID: 8900
Core: ZETA
Credit: 6000
Frames: 100
Number of Frames Observed: 84
Min. Time / Frame : 00:02:52 - 173,540.7 PPD
Avg. Time / Frame : 00:03:00 - 162,100.8 PPD
Cur. Time / Frame : 00:02:53 - 168,893.5 PPD
R3F. Time / Frame : 00:02:57 - 164,527.9 PPD
All Time / Frame : 00:03:00 - 161,384.3 PPD
Eff. Time / Frame : 00:03:02 - 159,347.9 PPD