how long it will take is heavily dependant on if the columns are indexed
I think mysql now supports 'join' syntax?
you could do something as simple as
select *
from t1
left outer join t2
on t1.column1 = t2.column1
obviously changing the table/column names
this is written for t-sql so some minor syntax changes maybe necessary for mysql
what you're asking for is a pretty common outer join
it maybe a right outer join, so if left doesn't give you the correct results try a right outer join