My experience is the same. With Avatron's Air Display installed I have two issues (below), when I uninstall Air Display they go away.
I have a new Macbook Pro, 2.3 GHZ Intel Core I7 running OS X 10.6.7. All system (and firmware) updates installed.
I mentioned two issues when I have Air Display installed.
1. During the boot process the screen briefly shows what appears to be corrupted video memory. See this image of the screen.
2. I have the black screen on wake issue as described here and elsewhere.
I don't know that they are correlated but it seems reasonable to expect they are. In any case, both issues appear to go away immediately when I uninstall Air Display using the provided uninstaller.
I have tried touching the Extensions folder, booting in safe mode, etc. I have spent many many hours (more than I care to remember) trying to narrow this down, and I think this is it. I will leave it uninstalled for a few weeks and see.