this is b/c mIRC waits for a reply from the COM instance before continuing the process, so what happens is:
t2 com open
t2 com sleeps for 5s
mIRC waits for com reply
t2 echos
t1 com open
...
What adds to the strangeness though, is the fact is other scripts, or even other parts of the same script will still process events and such even as mIRC waits for the specific process to end.
I'm not sure if this behavior is intended but its quite useful.
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Now, why do you need sleep? MANY people have asked for it, and in all cases /timer, though a bit more cumbersome, can be used in its place
