Symptoms
After upgrading from K2 4.6.8 to 4.6.11 smartforms were taking up to 30 minutes to load at runtime.
Diagnoses
It was the IIS settings for private memory and virtual memory that were causing slowness
Resolution
In this case there was 8 GB ram available. Setting Private memory to 6 GB and Virtual to the same but it was not working. Setting the Virtual memory to 15 GB allowed forms to load in polynomial time.