Yeah, I am having the same problem. I've used my Snowball to make some great recordings. I haven't used it for a month or two and now the recoding is badly distorted and with monitoring swtiched on, there is a latency/delay of about 3 seconds...
As mentioned above, it records ok for the first couple of seconds, and then the issue kicks in. I've tried to find solutions on other websites, but it seems there is no resolution yet.
I also waiting on Blue to respond to my email, but I doubt I'll get anything different to the person above...