My loading time without tips = 4 minutes to load a chapter/area
My loading time after tip #1 = 3 minutes to load a chapter/area
My loading time after tip #2 = 10 seconds to load a chapter/area
On Core i7-920 with 2 hard drives in a RAID0 setup with a Sound Blaster Recon3d Usb sound on Windows 8 Pro

Tip #1 is completely safe to VAC, Tip #2 is unsafe
By unsafe I mean I can't guarantee you VAC won't detect it, at least for me as I'm forced to use #2 because it's unplayable in Multiplayer as it is, as long you do not see me VAC banned it's safe because I always activate VAC.
I have forwarded all the informationss I have to Techland, I believe they can issue a patch that stops the error log for what it is used today....

It came to my attention that the original Dead Island Game suffer of a major problem, the loading time between scenes can take up to 15min from a PC to another. This thread has lots of replies.
While there is no official fixe for this issue, the community found a workaround that works with some affected users, but it does not always work.
Before to go deeply with the dll, I suggest you to try tip #1, credits to fbspazzy of the steampowered forums for finding this

Set the crash.log file read-only attribute to true (Image 1)

• Navigate to the directory %USERPROFILE%\Documents\DeadIsland\out\logs\
  
• In this directory, right-click the file crash.log and hit Properties
  
• In the general tab, check Read-only

Replace filesystem_x86_rwdi.dll by the one provided by this guide (Image 2)

• Download filesystem_x86_rwdi.dll from here hxxp:/goo.gl/ZKux2 (Hosted on Google Drive, Goo.gl host is Google's Url Shortener, replace hxxp with http)
  
• In your Steam Game Library, right-click the Dead Island Game
  
• In the local files tabulation, hit the button Browse local files
  
• Rename the original filesystem_x86_rwdi.dll file to filesystem_x86_rwdi.dll.orig (this will be a backup)
  
• Past in the same directory the patched filesystem_x86_rwdi.dll you downloaded in step #1 and confirm the replacement
  
• For your trust, Arnaud Dovi the author of this patch is acknowledged several times on Microsoft.com for working to patch higher security issues in Microsoft Office, the newly provided assembly just has NOPs instructions to nullify the problematic calls and is safe for your security.

The game is now patched and will never attempt anymore to touch crash.log

If you tell me, with Tip#1 my initial loading time was of approximatively 3-4min, enough to lose co-op because my buddies can't wait in a car that I load a scene
After #2 initial load time went down to 10-15sec.

I used to patch all the calls to CrashInit() with NOPs, there was approximatively 6 calls to patch in the filesystem_x86_rwdi.dll file
OllyDbg has been used to produce the new binary
Simplest not cleanest way to do it, for the cleanest way let's hope someone at Techland will kindly react.