FIX: A query that has many outer joins takes a long time to compile in SQL Server 2005
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Source: Knowledge Base
Product: Microsoft SQL Server 2005 Enterprise X64 Edition, SQL Server 2005 Enterprise Edition & SQL Server 2005 Enterprise Edition
Notification Contents: New and All Modifications
FIX: A query that has many outer joins takes a long time to compile in SQL Server 2005
http://support.microsoft.com/kb/943060/en-US