Opening certain projects over a network can be very slow. Other areas where image information is obtained (eg opening a Project Status Report) are also affected. The problem is related to the way certain EXIF information is read from the image's EXIF header.
This was a known Microsoft issue that was introduced after installing KB885835 on Windows XP/SP1. Microsoft was aware of the issue and has included a fix in the latest Service Pack #3.
The problem does not appear in PhotoModeler while running Windows Vista.