...Stretch-to-fit mode is definitely faster and should always be faster, regardless if you ever used the Zoom feature. But you're saying it isn't fast after Zoom use and I have no reason to doubt you.
Can you list the smallest number of steps that, if followed, will produce the performance decrease? Please list your Caching settings as well.
OK I did further testing and it's consistent -- once zoomed the browsing performance stays slightly degraded even after removing zoom, and stays this way until app restart. However the magnitude of slowdown is small; I have to press/hold right arrow in auto-repeat for many photos to see the grey screen.
Replication sequence:
(1) Start PM 4.6.8
(2) Open folder of 22 megapixel jpg images (5760x3840), about 4.7MB each
(3) Double-click on image to open Preview
(4) Press & hold right arrow key. Note it's very fast and never encounters the "grey screen". Try left arrow also.
(5) Select any zoom level via CTRL +
(6) Press & hold right arrow key. Note the grey screen which quickly happens
(7) Undo zoom by pressing Z key.
(8 ) Press & hold right arrow key. Note the grey screen still happens even without zoom, but less frequently than zoomed.
Image location: e: (2-drive RAID 0 array, 2.8TB, 2x 7200 rpm Seagate Barracuda SATA, about 50% full)
Cache settings:
Location: c: (300MB 10,000 rpm Seagate Velociraptor, about 50% full)
Disk cache size: 1024MB
Reserve at least 100 MB on disk for cache volume
Empty cache on exit: not selected
Remove cache files that are older than 5 days: not selected
Memory cache: 512MB
Windows 7 Home Edition SP1 64-bit
Motherboard: EVGA P55 FTW (A72 BIOS)
CPU: quad-core Intel i7-860 @ 3.8Ghz, hyperthreading on, RAM: 8GB DDR3
System disk: 300GB Velociraptor, 10k rpm SATA
Data disk: 2 x 1.5TB Barracuda, 7200 rpm SATA, RAID 0
Video: EVGA nVidia GeForce GTX-275 896MB, driver: 8.17.12.9053 (290.53)
Browser: Chrome 17.0.963.83 m, FireFox 11.0.