what the fruit has adobe done to text transform?

[getho]

Why is it so slow in this iteration?

Please don't tell me that "I'm holding it wrong"

It used to work, its the way I'm used to working with text. 

[c.pfaffenbichler]

Please provide a more detailled description of what you are doing exactly. 

[getho]

transforming text using the free transform tool

[getho · Accepted solution]

As you were, I had the aliasing set to smooth.  Apparently that's enough to kill performance.