I'm running a Mac Pro with 8 cores, so there is a fair bit of parallelization I can do locally too. Unfortunately, the tests all depend on the database, and while I can certainly use tools like deep-test to spin up separate DB's for each worker, I've found that doing so adds a full 60 seconds to the test run. I fear that until we eliminate the database from (most of) our tests, super-fast runs will continue to elude us.
CI and distributed tests are good things, no question, but I'm still looking for ways to make it possible to run my tests locally in TDD-fashion. I'm far from out of ideas, it's just a matter of making time to experiment.