I think you're overestimating the skill impact of rituals. Most of them don't do things that skill checks could handle. No amount of Arcana or History checks is going to result in a Comprehend Languages ritual. The ones that do, don't seem worth using often to enough to look abusive.
No, that one replicates a feat. But I see your point. It doesn't argue that rituals should take less time, however.
Further, rituals are really expensive by comparison to normal skill use, particularly at low levels. I don't see my players wasting that much cash. I really don't see my crafting obsessed wizard wasting that much money.
Which is fine. Wizards shouldn't be hemorhaging the party fund just to play Tenser's Floating Disc every five seconds.
It doesn't really matter how long ten minutes is; when presented to players used to thinking in 6 second rounds, it borders on an eternity. It just doesn't feel very magical at all, and thanks to the jittery players I've gotten (think someone assigned to ask for a Spot check with a 30 second timer), the very idea of doing something loud and involved for that long in the middle of a dungeon is anathema.
Don't they take short rests? That's -half the time- right there spent accomplishing -nothing.- 4e doesn't even have wandering monster rolls for pete's sake. Your party's skittishness is based on things that don't exist in the game. If there's an encounter coming up, it doesn't matter if it's one minute, five minutes, ten minutes, or two hours, they won't have time to do the damn ritual. 4e is more story based, not randomcraphappens based.
Also, the monetary cost of rituals has made them public property in my campaigns. While only the wizard and cleric know any, everyone pitches in for components, and to use or not use a ritual is very much a group decision.
Which is great, but doesn't address the time issue at all.
Simply put, is ten minutes too long? I don't think so. Hell, there are games where all you do is play wizards casting spells, every single character, and the equivalent to rituals takes three hours -minimum.- Does that make it feel any less magical? If your players have trouble with the immersion, then task the ritual caster with describing what it is he does for the ritual. Make it come alive and make it part of the story.
If ten minutes is an eternity, how long do you plan on adventuring in a day? Dungeons can take -hours- to plot out, travel, etc. Ten minutes is -nothing- in many situations, and in the ones where it isn't, then a ritual is probably the innapropriate answer to the questions the dungeon provides anyways.