Funny, happens when using an IP address when binding the client to the server but not when using the DNS name of the server on my i5 MBP. Though, the same trick on my i5 Mac mini still lags the first time connecting to the server then hops quickly from SP to SP without issue. Same fix, different results, same story.
Absolutely the 10.7.3 upgrade. 100% repeatable on 3 of my Macs, Core2 MBP, i5 MBP, i5 mini. Not my G5 machines.