I'm using Photoshop CS5 on Mac OS X Lion (also had this issue on Snow Leopard).
When using tools on the left hand tools tray, I am getting extremely sluggish performance.
For example, when I click and hold the rectangle icon to pop it open, the list opens but only responds to mouse input after about 5-7seconds. Then again when I click an item, for example rounded rectangle tool, it takes about the same time to close and have the tool ready for use.
Sometimes I have to click an item about 3-5 times to select it, and this is extremely annoying.
Does anyone know why PS is doing this?