Steve Elliott:
Hang-on a sec it's running at 545 FPS on my fast computer - 1 FPS initially on my slow computer - less than 10 even with new drivers. I think I've got a right to question that.
Theres nothing strange going on here, and it's certainly not OpenGL's fault. Earlier you said your program ran at 1280 x 1024 in 32-bit color, which means you're likely using at least 16 - 32MBs of video memory. You can't expect an integrated Intel card that has no vram to run this at a decent speed. System memory is dirt slow even in DirectX. The results would be almost exactly the same. The solution is to code a 640x480 mode.
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Forgot to mention that since that Intel card shares system memory, it will run a lot slower if you have other programs open. Close everything except your EXE and test FPS again.