Hello George,
exporting a dense point cloud takes so long because the dense point cloud has to be computed first. It's a bit confusing that this feature was placed where it is (and that's why I didn't find it until Alexey told me about it). Exporting a dense point cloud means that PhotoScan will compute depth maps and from those compute the point cloud which is then (finally) exported.
It is still faster (and, very importantly) requires much less RAM than creating a meshed model.