As someone who hasn't yet played the game, but owns it on 360, a simple question: does installing the game improve the (allegedly) interminable load times in the elevators?

No, the elevator loads are hard coded, there is no way to change them. Shame they didnt make them more variable.

I never take elevators.  After going up once and activating the fast travel whatever-they-ares, you can just fast travel everywhere in the citidel, which is actually much faster than even taking one elevator.

PS:  It really isn't that big a deal.  You often get dialogue between your team members that changes depending on who you have in your party.  Also, I would rather have the elevator scene than a hard loading screen.

I didn't even know that there was a problem with the elevators until I did some reading about the game after I already played a good amount of it.

Belated thanks for everyone's help; I see now what you mean about how the elevators are handled since I've started.  A couple of further questions:

1) Can I use the DLC now that I've already got an active game, or would I need to start a new one in order to use it?
2) How much party-swapping will I need/want to do?  It's been a while since KotOR, so I don't remember how BioWare tends to handle the levelling of your unused counterparts.

"Belated thanks for everyone's help; I see now what you mean about how the elevators are handled since I've started.  A couple of further questions:1) Can I use the DLC now that I've already got an active game, or would I need to start a new one in order to use it?2) How much party-swapping will I need/want to do?  It's been a while since KotOR, so I don't remember how BioWare tends to handle the levelling of your unused counterparts."

"Yeah the DLC should be accessible as long as you aren't in the end stages of the game.

Your party levels up at an equal rate, so unused characters level up at the same time used characters do. For example, if you play Garrus to level 17, then switch out for Tali, Tali will be at level 17. "