Select file slowdown on Snow Leopard

I just installed 10.6 on my mac. While everything is going well so far, the dialogue that pops up when I am trying to select a file in any application (for save/load etc) is really slow. It takes a while to open (some times I even get a SBOD for a few seconds) and after that it is really slow to navigate for a while. Is this a known issue of Snow Leopard or is there something wrong with my installation?

Thanks!