In the first mode, it comes back in about 1 second. It's enough that there's a bit of a lag and I don't like it if it happens right in the middle of something, but I haven't run into this very much.
In the second, it takes a few seconds to spin up, so I got into the habit of doing that before a meeting or whatever started. It takes about as much time to get it started up and navigate to the appropriate file as it would to fish a binder out of my bag and open it up to a blank page.