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73416ba
(Get the code!)
Confirmed that this is still happening with libreoffice 5.3.3-0ubuntu1 on artful.
Pasting the text from comment #18 in a single cell takes 30 seconds on my machine.
@madbiologist: the commonality of that use case is not really the point (although it might influence the importance of the bug report). People use spreadsheets in lots of creative ways and it should never take that long to paste some text, regardless of its size (the sample text in comment #18 is only 11604 words, it's not even that big).