Seems like this is a pretty recent change (hard to keep up with all the updates!), but I've noticed Select All on files with 2000+ lines will cause the beachball spin for a good 10 seconds before selecting all the text. As I reduce the file by 500 lines or so, it speeds up incrementally until about 500 lines where there's just a small lag.
Wondering if this might have anything to do with the recent change in selections now maintaining syntax highlighting?
I'm on a 2.26ghz C2D MBP with 4GB of memory.
On the other hand I've noticed other operations speeding up dramatically in recent releases, especially scrolling & navigating text.