That is a normal perk for the SiteAdmin (see function get_editable_user_ids from wp-admin/includes/user.php).
So I'll recommend a couple choices.
The poor choice, is to remove the subscribers from the main blog. The subscribers have to be somewhere to see their profile when logged in case they are not a user of any other blog sitewide. The side effect is that SiteAdmins can play havoc with post authors, if they like.
The better choice is to never use the SiteAdmin account for day to day posting and blogging stuff. Have a normal account for posting and the problem doesn't exist, normal users get a normal looking dropdown user switcher.
My choice: If your SiteAdmins have to post to the main blog AND never user the author dropdown switcher anyway, then remove the edit author metabox:
remove_meta_box('authordiv', 'post', 'normal');
I have a plugin to do that, too, http://wpmudevorg.wordpress.com/project/meta-boxes
Best solution: Upgrade to the bleeding edge WPMU2.7.1 and move all your "subscribers" to a non-posting blog. WPMU 2.7.1 has code to set up a "Dashboard Blog" so non-blog users get at least their dashboard and profile - and the move happens automagically, too at the SiteAdmin-->Options page. Now the blogs you post to as SiteAdmin won't ever have every Tom Dick and Harry to choose from.
Now some "what ifs?" What if a normal user adds towsands and towsands of authors/editors/admins to their blog and the same slow down happens on their edit post page?