I am currently faced with the task of importing around 200K items from a custom CMS implementation into Sitecore. I have created a simple import page which connects to an ex
Incidentally, BulkUpdateContext() is a very misleading name - as it really improves item creation speed, not item updating speed. But as you also point out, it improves your import speed massively :-)
Since I wrote that post, I've added a few new things to my normal routines when doing imports.
And if you're really adventureous, there's a thing you could try that I'd been considering trying out myself, but never got around to. They might work, but I can't guarantee that they will :-)
Hope this helps a bit :-)
I'm guessing you've already hit this, but putting the code inside a SecurityDisabler() block may speed things up also.
I'd be a lot more worried about how Sitecore performs with this much data... assuming you only do the import once, who cares how long that process takes. Is this going to be a regular occurrence?