It's common for variable-length shifts to be slow on modern CPUs once you move outside of the x86 space. On the PS3's PPU and the Xbox 360's PowerPC cores they are very slow and to be avoided.
> I think this might be different on the Pentium 4
What was particularly slow on the P4 were variable-length shifts and rotates. With an immediate operand they still had 1 cycle throughput. That sounds good until you realize that the P4 had a double-pumped ALU design (as you also mentioned) and it had two ALUs. Whereas shifts and rotates could only execute on the general integer unit.