Kirk, I don't know whether the underlying problem is the same, but I myself have a very major system slowdown issue caused by PM 4.6.6, and it was happening with 4.6.5 too, but not previously, at least to an extent that got in my way. It seems to be particularly bad with 4.6.6, and is bad enough that I'm getting tempted to revert to XnView for my photo sorting, even though PM offers some superior facilities.
The problem appears to be associated with an extremely inefficient process of rendering the thumbnails in a folder, and of rendering any larger and especially zoomed-in views. A folder containing 170 nominally 9 Mpix jpegs takes several minutes for all the thumbnails to be fully rendered (and their captions turned from red to black), and during that time PM is hogging almost all the CPU 'space' and is thus extremely slow to respond to attempts to carry on doing anything within the program during that process or indeed doing anything in any other program while I wait.
Then, when I use the zoom function for any image, once again the CPU churning resumes for something towards half a minute, so that I have to wait before I can move to the neighbouring photos.
I note that there is no parallel problem when I load such a folder (and indeed the same one) in the browser of XnView. There the browser thumbnails all render in a very few seconds, with no obstruction to my continuing to carry out actions within the program. Also, I have not had such a CPU-hogging from any other program (apart from the odd very rare situation where the whole system has become unstable - but such events are not really a feature of this system (so far!).
I'm using 32-bit Windows 7 Home Premium with all updates, with 2 Gig memory, and Intel(R) Core(TM)2 Duo CPU E6750 @ 2.66GHz.
Is there any debug information I could get from PM to assist you in addressing this problem?