Each Scripted Component could have a different Application area. Therefore, I think for every Scripted Component the Application Area and with Application Area all resources and of course thelocal OR of course were loaded during a BPT Testrun (until QTP and QC 11 (ALM11)).
With QTP11 and ALM11 HP change the interaction between QC, QTP and BPT. I think, ALM11 checks when running a BPT Test in Test Lab, what is needed for this BPT. If all Components need the same Application Area, the Testrun "routine" loads the Application Area one times for all components. The performance is now much better than before. (For further details ask HP Support).