One of the issues is that in a large project with many circular references, that log will show modules appearing again and again.
In one large project, I found over 20,000 such references, and a cold build was up to eight minutes. Reducing the circular references by about 25% brought the build time down to about a minute. And the time was stable over several builds in a session, where with 20K+ it had been increasing on successive builds.
MMX does produce a report of circularity chains. It is large, and not friendly to humans, but it is easy to parse, and I built a simple tool which delivers in a grid the counts for each of the modules with circular references, and which can compare two reports, which is useful as you continue to work on the project.