Terrible RTAS Latency in 6.9

[rockwithrespect]

I downloaded the new Waves 5 Diamond Bundle and installed it. I was messing around last night, just jamming a little bit, and started throwing plugs on the master track while I was recording. The latency was HUGE! Probably a whole second.

I thought maybe I had my Playback Settings jacked up from a previous mix session, but my CPU usage was set at 99% and Buffer was at 256. The system usage showed nominal CPU use.

For the record, I had one stereo Aux track routing Reason into PT. One midi track with some simple drum programming. One audio track with an Amplitube LE plug inserted. One stereo master fader with Waves LinMB inserted.

Before I got PT LE 6.9, I was running 6.4 with numerous plugs while tracking, and within reason I never had any problems. Is this a problem with Waves 5, or with PT LE 6.9?

Thanks. I'm worried I may have to revert to 6.4 if I can't get this figured out. I like to use some plugs while doing overdubs because I think people play better when they sound better. I haven't done a session with 6.9 yet, but if this is the performance level that can be expected, I'm going back to 6.4.

System:

1.25 DP G4
2 Gb RAM
OS 10.3.9
PT LE 6.9

Kyle