Okay. Results not good.
I comment out the both the drawing and the updating of my playArea object. (That's pretty much the entire contents of the 'game' outside of the boilerplate stuff). No improvement.
Then I comment out the updating and displaying of the frame counter, and replace it with console output so I can still see the framerate. Slight improvement there, ~0.5-1.5 fps. Mind you, all I have now is an 800x600 black screen refreshing at ~12.5 frames per second.
I comment out the clearing of the window, + ~1 fps.
Then the event handling, doesn't help.
Finally, I comment out window.Display(), and I get + ~1500 fps.
Obviously, I can't take that out.
@Laurent: Release mode.