The thing you have to remember is that UIImageViews are flexible (ie. complex) user interface components. They're not really meant to act as game sprites.
To achieve what you want to do at a reasonable frame rate, look at either animating at the CALayer level, or use an OpenGL-based sprite library like Cocos2d.
Oh, and when you alloc an objective-C object, you should always also call init on it, even if you haven't written any init code of your own, since this sets up its inherited properties.
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