‘720 queries. 0.473 seconds’ … Is that a lot?

I know that it is a lot. The question is: How do a speed up my site’s page loading by reducing that number? Or should I?

I’ve gone through my installation and deactivated and then deleted any plugin that I not use or don’t really need. Right now, I’m not even using Widgets.

I use the Mandigo theme, which manages to use just 23 queries on a different WordPress site I operate. Of course, that’s a much newer site, without as many plugins.