One reason why Keynote 5.1 is suffering from prolonged periods of a spinning beach ball is related to how "Auto Save" and "Versions" works on large (i.e., > 100 MB) Keynote files. With iWork '09, Apple switched from folder-like bundle format (i.e., a format that contained readily accessible individual files) to a container format (i.e., a zipped version of the folder that contains all the files). This was probably done to make emailing iWork '09 documents easier, as most email programs are not aware of the folder-like bundle format. The downside of this is, that every time an iWork application saves a document, a completely new zipped version of the folder has to be created. Since most people were not using large iWork documents (e.g., Keynotes) or saving them frequently, this downside remained mostly unnoticed.
With OSX Lion "Auto Save" and "Versions" was introduced. In Lion, with every little change to your document, Keynote 5.1 saves the document, for which it has to zip the whole folder-like bundle over again, which takes quite some time for large documents. Then “Versions” copies the zipped bundle into a subdirectory in “/.DocumentRevisions-V100”, which takes disk space and time resources. Finally “Versions” performs a binary comparison with the previously saved versions of the Keynote to only retain the difference and to release the remaining disk resources. One can easily see, that in this process the whole document is saved and read multiple times to and from the hard disk, while the user sees a spinning beach ball.
Interestingly, this problem can be easily mitigated, as Keynote 5.1 allows the use of the legacy folder-like bundle format. For this you need to check “Save new documents as packages” and uncheck “Back up previous version” in the preferences. You then need to create a new Keynote document and copy/paste your old slides into this new document. This new Keynote document will be saved in a folder-like bundle format. Now every “Auto Save” only triggers the change of a few very small files within the bundle. These files are then handled by “Versions” in very short time and almost without a spinning beach ball.
In summary, “Auto Save” and “Versions” are a welcome addition to OSX, but require some consideration and sufficient hardware resources. I therefore typically recommend upgrading to at least 6GB of RAM and a larger and faster hard disk, before considering upgrading to Lion.