Two programs & many possible reasons.
EAC can be set to aggressively get as perfect a rip as possible - this can be over kill IMO when working with a good CD drive and most CDs, but it is helpfull on scratched CDs.
I have found that LAME with the --alt-preset standard does take a substantial peroid of time to encode. It appears to average at around x2 on my P3-700. But like mail2mm the results are worth it.
Personally it does not bother me as I will rip several CDs at a time and them leave the PC to encode overnight.
Suggestions:
Find out which (EAC/LAME) is the slow part.
If it's EAC check you settings, compare your rip speed with others for that drive - check
www.cdspeed200.com.
Consider replacing you CD drive if it's to blame.
If LAME is taking up too much time either get a faster CPU or look at lower quality settings, or worse another "faster" encoder.
Bear in mind that you'll be listening to these MP3s for quite a time to come, so it is worth spending the time now to get the best sound you can.