Assembly XMEGA program creating a longer than expected pin toggle?
It looks like the XMEGA E family defaults to the 2MHz internal oscillator, which is actually divided down from the 8MHz oscillator.

From section 7.2 of the manual:


  After reset, the device will always start up running from the 2MHz output of 8MHz internal oscillator.


In order to use the 32MHz internal oscillator, you need to explicitly modify the Oscillator Control register CTRL: