I have this exact same problem.
In my case, I am using a NAS box running Ubuntu 6.06.
If I'm using PM actively, response is very quick. The contact sheet populates in a few seconds.
However, if I leave the PM window open and idle for a period of time (overnight, for example), the response becomes very, very slow. This slowdown happens each time the PM application gains focus and is in the order of 20-45 seconds. During this time, the UI hangs and no interaction is possible and no screen updates occur.
Interestingly enough, once you get past the hang delay, response is quick until PM loses focus and you switch back again (e.g. you switch to your email program then switch back to PM). Each time you switch back to PM, you have to suffer through this long wait until it becomes active and responsive again.
As a work around, you can close PM and restart it. Once you do, you can switch back and forth between PM and other applications without delays. So, I'm sure it's something within PM itself, not the NAS storage devices.