Potential icinga tunable - Number of packets sent by each call to check_ping. Currently host check sends 5 packets which takes ~4s (per host). The host check runs every 5 minutes.
einsteinium:~# time /usr/lib/nagios/plugins/check_ping -H lists.wikimedia.org -w 500,20% -c 2000,100% -p 5 PING OK - Packet loss = 0%, RTA = 0.42 ms|rta=0.420000ms;500.000000;2000.000000;0.000000 pl=0%;20;100;0 real 0m4.084s user 0m0.000s sys 0m0.000s
Lowering to 1 packet speeds the check up considerably
einsteinium:~# time /usr/lib/nagios/plugins/check_ping -H lists.wikimedia.org -w 500,20% -c 2000,100% -p 1 PING OK - Packet loss = 0%, RTA = 0.47 ms|rta=0.474000ms;500.000000;2000.000000;0.000000 pl=0%;20;100;0 real 0m0.009s user 0m0.000s sys 0m0.004s