thanks for all your responses. basically I think the answer is that a minute or more is quite standard for NYSE trades. And yes, there are some nice (it's all relative you know!) specialists out there that constantly give you price improvements. I am working out which stocks have nice ones and which have the real buggers as I go along. Of course there are more of the latter! Still not sure though how scalpers manage though when their equivalent number in futures or nasdaq get nano second fills!
I may incur the wrath of some of the real NYSE traders here for saying this, but it seems to me that the only reason you get price improvement is because the specialist is showing a false quote. If he was showing the true quote, how could he give you price improvement? For example, maybe you want to buy xyz for $50, the specialist is showing 40.75 x 50.25 (the specialist seems to usually increase the spread before he gives "price improvement") so you put in a bid at 50. Now,the quote doesn't change, and in reality he has bids as high as 50.10 and offers as low as 40.70. Eventually, he fills everyone (including himself) at a price that is good for him - say 49.95. You and others get price improvement, and others get screwed. Wouldn't it be better if he just had to show the true nbbo and give fills accordingly? So, I don't know if the ones that give price improvement are really "nice".
it's the benefit they get for being the buyer/seller of last resort. Today they are taking the privilege to new extremes, it seems.