I am having a similar problem in that it takes my setup (200K 8075 firmware, same platform) about 60 seconds to return from sys_hw_init() before proceeding to the next initialization function.
sys_xbee_init() and sys_app_banner are fine.
I've noticed when I run other sample projects, they do not take long. I am also getting garbage in my serial port whenever attempting to follow along with my printf statements during debug execution. I don't get this garbage when using builds from the SDK example projects.