My results with structured light are much like yours. Fast to take the pictures, but processing takes a minute or so after that.
Resolution is limited by the larger pixel size on the target of either the camera or the projector. When I was testing my version of SL I was shooting flat subjects and looking at the variance in Z to measure errors. I dont remember the exact numbers, but the results were impressive at the time.
At the moment I am back to having no projector.. so I have to leave that project on hold a while.
D
"The best thing about building something new is either you succeed or learn something. Its a win-win situation."
--Greg Westbrook