Platform: Windows XP
Versions tested: CS3, CS3
Problem:
When opening a file or creating a new document in Photoshop CS2 and Photoshop CS3, you may experience about 10 seconds of waiting time before the document actually shows up. During this time, Photoshop will appear to hang and the Photoshop window may turn blank (white) and refuse to be redrawn. After about 10 seconds, everything returns to normal and no other problems appear - until you want to open another document.
Solution:
It appears that this is due to your default printer being a network printer and the printer cannot be found. Simply setting a different default printer will make this problem go away.
It took me 2 years to figure this out, so I thought I'd post this.