That's typical of the Optimus T. The IPhone's processor runs at 1GHz I think. The T is only at 600MHz. Big difference in speed and feel.
With then Android operating system, gaining root access to your system files (something that you can't do with an IPhone) is called rooting. This is accomplished by running an exploit that installs the su binary to your /system/bin, and installing a Superuser app as well. After you install Busybox (a set of binaries that allow you to perform all rooted tasks) and a overclocking kernel you will be able to overclock to the mid 700MHz range. This will make the T fell faster and smother.
You will loose the latency, but the apps will still be slow to open compared to the IPhone. Most games will play just as well as on an IPhone.
I would suggest going into the Root section and read everything you can on rooting the T, and installing a recovery and custom ROM (these are usually a lot faster than the stock ROM and can be overclocked in the high 700MHz to low 800MHz range)
A kernel is like the engine in a car. You can take it out and replace it with a better one. The ROM is the Car with the engine in it. It has the paint and accessory's that set's it apart. By changing the boot animation and theme and front's and dropdown screen, you can make it look and act like nobody else's.