I think it depends a little. When I play with my usual group of hackers (guys as good as me) we can play a round in just under 4 hours. When we add one of the guys sons (23 years old) our pace is more like 5.5 hours. When I play with my wife and son, the pace is 6-6.5 hours trending down as they get better. When I play alone, I play at my own pace which I don't feel is fast or slow. I usually finish a round by myself in 3.5 hours without rushing.
My point is, take the ability of the player into account. Having a hard and fast rule that "a round of golf is to be played in 4 hours or less" is assanine (sp). Forcing a 10 year old, or a 40 handicap, to play at that pace means they will either learn nothing, or learn to hate the game.
Now, if your playing with a seasoned player and they are that slow then some subtle hints about ready golf are appropriate. I expect to have a slow round when I play with folks that get out only a few time per year. You can't play a 4 hour round when you smack your tee shot OB, then hit your 2nd 5 feet.