I have been using the previous version of Live Movie Maker for years, and just yesterday updated to the latest version.  Since I updated, after loading a video (and the transcoder finishes it's work) clicking at points to split and trim is so slow it is completely unusable.  It literally takes 20 seconds or more with a whole core maxed out to go to the previous frame.

My system is Windows 7 and I have an 8 core i7-950 and 16GB of RAM (3.41GB in use).  The file I'm working with is very similar to previous files in format, length and quality.  The only relevant variable that is different is the new version of Movie Maker.

Is there something I can check to see what the performance problem is?  Is there a command switch that might help?