It's not just Stephane and Gregg, I see similar things with a Visual Studio 2003 workspace with 17 projects and less than 500 source files. Using Process Explorer from sysinternals, I can see that SlickEdit isn't doing any IO, and isn't driving the CPU to the rail. In fact, the CPU usage is ridiculously small. I didn't expect it to do any IO, since I have 3 GB of memory in the system, and have the tag cache set to 256MB. Since I saw it appear to hang when doing a Ctrl+/ (Go to reference...), I expected it to be CPU bound, but that's not what I saw.
The AV scanner isn't doing anything, either. I've seen the AV scanner hang an app, this is not the same. When the AV scanner hangs an app, the CPU usage of the scanner goes high.
One possible contributor, I have tag files for the Windows Server 2003 SP1 Platform SDK, the Windows Server 2003 SP1 DDK, the KMDF DDK add-on, and wxWidgets 2.6.3, and Cygwin gcc, all with references. I also have Visual Studio 2005, Visual Studio 2003, and Cygwin-3.4.4-i686-pc-cygwin compiler tag files, which do not have references. Since there is already a Cygwin compiler tag, I've just removed my own cygwin gcc tag file.