Unfortunately, it's been this way for awhile. Easiest "fix" is to force render sections, export matching sequence, then stack that "render" on top layer. Nesting makes this problem worse. Multiple instances on same timeline make this worse. Multiple stacked effects with morph cut makes this problem worse. Until version 2.0 of Morph Cut is released, I'm sure nothing will change.
I think best usage for Morph cut when doing multiple/many clips or long clips is to render/replace each section into the sequence first. Then you no longer have Morph taking over system resources no can even get the dreaded "analyzing" on your exports.
When Morph was created, the engineers were assuming this was a last-case fixer for a few things now & then. Some users are using it for every clip on a long sequence ... and it's a bear on resources.
Just began having this issue myself. It's happening on Cineform clips that were transcoded from AVCHD camera files. However, if I apply Morph Cut to the original camera files, it works normally. At first i thought that maybe it was simply taking longer on the Cineform clips, since their data rate is much higher, but a 10 sec Morph Cut which takes only a minute or two to Analyze on the AVCHD files hadn't finished Analyzing after 30 minutes.
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