I investigated a bit more.
I decided to give a try to the "semi official" (semi as i think i have read the GIMP devs never release a window version themselves) 2.8.4 release from there :
http://www.gimp.org/downloads/As expected it removed my trusty 2.6.10 (but fortunately i backed up everything before so i can reinstall without a problem) while installing.
Then i launched that 2.8.4 and tested with the same condition painting.
And ... it's as smooth as your win32 build of 2.8.2 was.
I re-installed your build of 2.8.4 to see if by some oddity having installed the semi official 2.8.4 would have changed something, but no.
Your win32 build of 2.8.4 is still very sluggish when painting in the same condition as i tested.
Having absolutely no coding/compilling knowledge, i have no idea why it is happening, what is that different between your build and the semi official one that is responsible of this very noticable performance drop (that didn't happened on your win32 build of 2.8.2).
Thanks for your response. It probably has to do with the underlying libraries (gtk/glib/pixman/cairo etc. etc.) that get upgraded from time to time. So, I will look into the 2.8.2 series and compared to my 2.8.4 series and test to see which library is the culprit.