Fortunately, I found a better solution. I didn't want to invest the time into re-configuring and downloading everything on my phone, it's just the way I like it and I have better things to do such as working on my Game Programming or gaming with my son! I had freed up more memory then the average amount of free memory found on a Droid so I knew that the OS had enough space to do it's thing which lead me to suspect something was getting in the way of Androids ability to do things quickly. The first thing that came to mind? Cache. Nothing like a nice fat Cache full of useless junk to keep an old processor spinning its wheels right? Sure enough!
So my suggestion, before you reset your Android, clear the system Cache, it just might save you a couple hours! Here's the surprisingly easy Steps (Getting into the System Menu is specific to the Droid 1, but the steps should be the same on other Droids)
2. Open the keyboard and press the X key while pressing and holding Power. The device will power on. Keep holding the buttons down until a yellow triangle appears on the screen.
3. Press and hold the Volume Up and then also press Camera button button to get to the "Android System Recovery" Menu.
4. Use the direction pad to the right of the keyboard to select the "wipe cache partition" (This is it right here!)
5. Once complete, use the direction pad to select the first option "reboot"
Believe it or not this did the trick! My phone has been running much faster, it's still a near two year old phone so its not as peppy as it once was but hey we all get a little bit slower with age...