Yes, there is a way to handle this. Just depress your shutter button half way after you take your picture and it will not wait the 5 seconds between shots, it will be ready to go right away. Once you depress the shutter button half way and release the preview will disappear and you will be ready to shoot again.
I timed my processing speed on my camera and it is 8 seconds and seems to take longer after multiple shots. Thanks for the tip about the shutter button. I tried that and it works for about 3 shots than the camera seems to hesitate and the shutter button will not depress. Maybe that is how it is supposed to work and 3 consecutive shots is all that is needed. I just don't know if my camera is working as it should and I am expecting too much or if there is a defect in the camera.
I have the Transcend 16GB Class 10 SDHC Card and I changed from continuous to single auto focus but it does not seem to make a difference. I called tech support and they don't seem to think it is a problem. I am at the point that to take pictures of children I will need a different camera. This is ok when traveling and I need the zoom but it is disappointing. I did buy a square trade warranty so if there is a defect I should be covered.