Thanks for the info you guys, I didn't know this. At work I generally have 1-3 large workspaces open in the "Java Enterprise" version of Eclipse, hence my warped perspective, maybe...
Have you tried Yoxos Eclipse[1] flavor? You can build your own distribution from scratch and only include the packages you need. You can even save your choices and continue modifying them next time you login. I have a very pleasant experience using it and my builds are usually around 100-200 MB.