I think it depends highly on what kind of developer you are and what your workflow is like. For some developers, frequent compiling is part of the development process. For others, it's something you do at the end (or after large chunks of work) to test/verify.
If you're one of those "Work on the next line, keep changing it until it compiles, then keep changing it until it runs" developers, then yea you'll want fast compiles.
If your workflow is such that you take your time, do your work once, and compile/run/test as the last step before you're ready to commit, then it doesn't really matter if your project takes 20 minutes to compile. You're only doing it once or twice a day.