This is one of my main peeves with the game as well. With the exception of DDP DOJ:BLEX I don't think I've got a 360 game that has been patched to help the load times. In short we may be stuck.
I use the time to pet my dogs, but yes the loads are pretty long. I have yet to time them, but I am also playing off the HD so we know it's not the disc medium causing the problem.
I fell asleep often during the first ME load times(IE being on the elevator) and never beat the game. I'm hoping it doesn't come to that with this game.