Yes. My experience has been that 4e rounds are considerably shorter than the 3e equivalents (except at 3e's lowest levels), but that a 4e combat has many more rounds than the 3e equivalent.
Either way, the net effect was that combats take too long.
The issue we're having with high-level 3e is very definitely one of resolution, rather than of too many choices - we're pretty efficient about having people ready with their actions when their turn comes up. Of course, that's not universal.
I dunno, 2.5 hour combats and tons of rounds doesn't sound like what I get with 4e combat. Our fights are 5 rounds long, almost like clockwork. Now and then one will go 6 to 8 rounds if it got bogged down badly (usually means the PCs cornered a tough opponent). I've seen very few combats go less, though once in a while 'circumstances changed' and everyone decided not to really rumble. Climactic fights can take a couple hours, sometimes, but who wants the BBEG to be toast in 20 minutes after a couple months of buildup?
3.x combat is much like high level 2e combat, it just gets bogged down in numbers. Where 4e REALLY streamlined the numbers 3e just throws them at you left and right and makes you deal with them. Both games have a LOT of effects and etc but at least 4e tries to make them easy to handle.
In any case if you shorten the number of rounds then fights are silly, nobody gets to decide anything meaningful, there's no point to hang any tension on, etc. and the only thing that matters is banging out the damage or some SoD. Once you go beyond 5 rounds things equally become redundant IMHO. 5 is good, you can have an opening, an up, a down, and a finale.
The whole trick with interesting combat is to stop thinking about it like AD&D "creatures hacking on each other in a room" model action. Think about it like Indiana Jones kind of action, leaping, jumping, falling, moving terrain, fires, explosions, floods, collapsing mines, GOALS besides "hack them all to death" (IE save the princess, get the map, destroy the gem, whatever). Once you create an interesting dynamic environment then it is much nicer to have all the quick resolution mechanics, powers, and PCs that can take some licks that 4e offers.
Of course if your goal is to creep through a giant maze of rooms and fight monsters and traps in each one, then you're probably best off with a different game. AD&D is great for that, IMHO 3e (despite 'back to the dungeon' whatever that meant) not so much, but still more so than 4e.