I've run across this too and have found it did make a difference where I had my waveforms cached. If I cached to my high performance raids they actually slowed down considerably. If I cached them to my system disk everything seemed much better.
These are small files that constantly get redrawn depending on changes. The other thing to keep in mind is that if the system bogs down redrawing waveforms, delete the waveform cache and start fresh. Of coarse that depends on how complicated and the number of audio channels, but generally it doesn't long to re-create and performance usually improves immediately.