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I'm having the same problem, only worse. Doing pretty much anything in the side bar (apart from selecting a project) drives CPU-usage up to 100%, causing quite laggy performance.

I tried to rebuild the database, seemingly to no effect.

I'm sitting on a 2.1 GHz PowerPC iMac G5, running OSX 10.5.5. I do have Firefox running as well, consuming about 20% of CPU, as well as the Activity Monitor taking around 7%. There are a few other apps running, but all their processes are at under 1%.