If you've upgraded to QTP 11 recently and are finding that the Results Viewer is taken a long time to display test results, then you should install HP's hotfix RRV_00013. This patch will fix the following issues:
1. Reduces the amount of time it takes to open large run results.
2. Reduces the amount of time it takes to export large run results.
3. Displays the data table in results for business process tests created using Quality Center 10.00.
4. Provides support for multiple icon file types (in addition to *.ico) including *.png, *.jpg, and *.gif.
5. Fixes various issues that prevented the run results tree from being displayed correctly.
6. Fixes an issue that sometimes caused the Run Results Viewer to crash.
To get the hotfix RRV_00013, contact HP, or you can download it from here