I'm setting up a couple new CCR2004 with 3 redundant paths between them on the bench using a OSPF, BGP, MPLS, VPLS configuration. When I drop out the link carrying traffic, it takes 20 seconds for traffic to re-establish on the backup link. Is this normal convergence time, or possibly a setting I am missing. Everything seems to work otherwise.
The first thing to realize is that MIkroTik does not support MPLS Fast Reroute so you won't get convergence at 50ms.
There are several timers to be aware of:
BGP and OSPF - Use BFD here instead of standard timers and tune it to ensure the timers aren't too aggressive.
LDP Interface hello and hold timers - Default at 5/15 seconds You can lower these but be careful not to be too aggressive or you'll end up with instability