I also started with David Riecks
Controlled Vocabulary Keyword Catalog (CVKC) many years back when I first started using Lightroom 3. At the time it was one of the only hierarchal keyword sets available and had the broadest scope of categories. I have not experienced any performance problems with Lightroom itself. The real challenges have to do with the implementation, usage and maintenance of your keywords.
Using the CVKC will provide a big assistance on the implementation because as you have noted a lot of the organizational work is provided with the list. You simply download it and import into Lightroom and all 11,000 terms are ready to use.
There are some things to keep in mind regarding hierarchal keyword in Lightroom. First the hierarchy only exists inside Lightroom. In fact Export explicitly flattens the hierarchy and puts them into a completely different IPTC field. Regardless I find using hierarchies useful in two important ways.
The first is as a shortcut to apply multiple terms at a time. For example "poppy" also gives me "flower" and "plant". The second is organizational. A keyword hierarchy can imply some kind of organization. I mostly use this mostly for more detailed description of location. Take a trip to Hawaii for example. The IPTC Location fields are simply insufficient to capture the full location information. So the term "Halawa Bay" also gives me "Halawa Valley", "Molokai" and "Hawaiian Islands".
On the usage side, Lightroom is much better now than it was in V3. The search in the Keywords List will now return the complete hierarchy of any term that contains the search term. For example if you search for "flower" it will show you all the hierarchies that have flower as part of the hierarchy. On the down side it you cannot search for terms with imbedded spaces such as "San Diego". Nor can you search for aliases. Both are pretty bad over sites.
The workaround for both of these issues is
John R Ellis's AnyTag plugin. I have it setup as Ctl-T in my Lightroom keyboard shortcuts and typically go there first when keywording. You can search, enter and create keywords all from one dialog.
The maintenance side is really the most challenging. Editing and organizational tools are limited. You can drag and drop terms to make or adjust the hierarchy but there is not a search and replace. You can search but have to individually open and edit each term.
Also Each keyword has "Keyword options" such as "Include on Export". child terms will inherit this option from the parent when creating a new child term. However, if you forget to set it correctly or simply want to change a whole hierarchy to have a different option, as above you have to edit each term individually.
If you really do and want to make wholesale changes that are simply too tedious to accomplish with the limited tools in Lightroom you can simply export your keywords and Lightroom creates a tab delimited text file that you can edit with any text editor. I used an application called OmniOutliner that was able to also handle the hierarchy as implied by the number of tabs which made the process easier. I don't believe that you could drag and drop in the Keyword List then as you can do now.
Even with these limitations I feel that the benefits of using hierarchical keywords out ways the restrictions. Although no matter which keyword list you start with be prepared to take the time to tailor it to your own personal needs.
-louie