I just started using VA and found a noticeable degradation in performance when interacting with VisualStudio 2008 (C++ projects). For example just changing tabs from one file to another would cause a 2-3 second delay.
After checking procmon.exe (sysinternal tool) I discovered that whenever I change tabs devenv.exe does a QueryOpen for every single vcproj file in my solution (there are a few dozen of them)!
At this point I wasn't convinced that it was VA that was causing this so I disabled it from VS and tried again. Unfortunately I found that the problem wasn't fixed, but I also noticed that VA was still accessing the registry whenever I changed tabs, and that devenv was still doing a QueryOpen for each vcproj.
Next I uninstalled VA and this fixed the performance degradation. So this basically proves that the issue lies with VA.
I use Visual Studio 2008 Professional on C++ projects almost exclusively. My largest solution has 16 projects in it. I am currently using VAX 2007.
I have not seen any of this slowdown behavior. This is true on a native Win7/64-bit machine, as well as several guest Windows 2000 Professional and Windows Server 2003 machines running on Windows and Linux hosts under Oracle VirtualBox.