Let's not get confused with a static data viewer as opposed to a live data viewer. GRLevel3 is primarily a "Live" Data Viewer for Level III data coming from NOAA Servers at appox. 5 to 10 minute intervals.
GRLevel2 is primarily (or at least it used to be) a static Level II information viewer importing past or archived data very much the same way this Java Application is doing. However, I believe GRLevel2 is Live data capable.
Now, because the GRLevelX series of programs are run on your local computer, they require certain hardware specifications to perform certain advanced functions. Java Applications, on the other hand, are generally Server side applications in which you are veiwing the output on your local computer via the internet.
The speed to which you are referring is largely dependent upon internet usage and server resources available to run the programming that creates the image(s) you want to view.
All that said (and some one PLEASE correct me if my statements above are wrong!), it really depends on what you want to do with either the GRLevelX series, or the New Java Application. Obviously, budget minded folks would seriously look at the NOAA Java Application. I don't know the "real" differences between the two areas as far as what's available in features, but if I were looking to do research on a particular event, I think my vote would be got the GRLevelX series, especially GRLevel2 or the AE version.
Just my thoughts on the subject. Both have their place and both have their value. It really depends on what you want to use the data for.
John Diel