The time it takes seems to depend on how substantial the change is from the current config.
The iLive seems to do some smart things to minimize the impact of a re-config. The easy option would be to completely rebuild the mixer everytime, but it seems to do some sort of delta reconfiguration which is damn clever and must have taken some serious coding.
It still blows me away this is even possible, and while it is easy to do, one should not forget that under the hood there are some majorly serious things going on in the engine room when a re-configuration takes place.
It is certainly not something that should occur anywhere near the pointy end of a show for this reason and this is why I always use all resources to the maximum so that I have 2 or 3 spare of every type of bus I might need for a show.
I wouldn’t recommend leaving any buses spare in the config otherwise one day it could come back to bite you and it certainly won’t improve system performance.