If you have a california emissions based exhaust system, of which I thought almost all cars started this in 2004, you have 4 O2 sensors. Two before the mini cats and two after the mini cats, none before or after the main cat (basically hidden above the transmission skid plate.
Bank1 Sensor 1 means front (cyl1-3), before mini cat. Bank1 Sensor 2 means front, after mini cat. Bank2 refers to rear (cyl 4-6), then sensor 1 and 2 are the same concept of being either before or after the mini cat, respectively.
Slow response means that its not switching fast enough meaning the sensor is getting old and sluggish when it comes to responding to engine fuel changes. If you have a scanner and its capable of seeing a live view of the sensor, you should see it switching up and down consistently between 0.9V and 0.1V, up and down like a sine wav, but quickly. If it does a very slow sine wave then it gets sluggish and throws the code. According to the FSM you would get the code if it switches less than 16x up and down in a 20sec time frame.
You could replace that sensor which is fairly cheap, about $40-45 from your local auto parts stores.