I have never installed Hyperspace - unless it came with Lion? I'm assuming you are refering to this program: http://thecocoabots.com/hyperspaces ?
Maybe we are having the same symptoms but different root causes?
I'm having the same issue on 2 different MacBook Airs - the 2010 & 2011 models. The 2010 model worked fine until I upgraded to Lion - so I'm sure that's part of the problem.
Both have more or less the same software - just the basics like Office 2011, Dropbox, etc. No system tweaks or even utilities.
Apps start to lose focus after about 15 to 30 minutes of use, starting with email clients - but eventually affecting almost everything.
I've stopped almost ever running process, re-installed Lion...
So now I'm at the Firewall - the only thing I can think of that both machines had in common (I turned it on for both). So, with the Firewall off, so far (a few hours) so good - but I've said that before.
Will post the outcome when it happens. Thanks!