Don't forget to turn Update module template .html files from themes/your theme/templates directory? OFF under Preferences >>General Settings.
"If this option is enabled, module template .html files will be updated automatically if there are newer files under the themes/your theme/templates directory for the current theme. This should be turned off once the site goes public."
If you leave the option ON, you will incur substantial speed penalty. On this site (front page), the number of queries is reduced from 91-92 to 64-65 once the option is turned off - close to 30% of queries reduction. On a busy site, this will make a dramatic difference in performance.
If you are interested in testing on your own site, check out this story:
http://www.xoops.org/modules/news/article.php?storyid=1862