I’ve just watched a youtube video which explains this laughable yet highly irritating bug. I’ve got a 6-core 2.93 mac pro and it sure as hell should not lag like it hasn’t on my much weaker previous macs. The answer is simple. Decrease the vertical size of your timeline and voila, problem solved. In the smaller timeline, files zip around at the speed of your mouse. Also, another glitchy thing is that if you make the size of the timeline the vertical size of your screen, the lag disappears again.