Same problem here on multiple machines too.
Case ID 00902150
I'm going to try cfvonner's solution above and see if that helps and will report back.
UPDATE: Carl's tip on adding the registry key worked, however, it took just over 25 minutes for Endpoint Backup to finally get to the "X disk read at XXX MB/s" point, during which all of the timers on the individual steps stopped counting for periods ranging from 5-10 minutes, so the "Duration" values are VASTLY skewed from the Backup Duration counter.
Here's a screenshot: