It seems fine here on 10.8.1, running a song with 30+ tracks and some automation. I just opened 5 EQs, enabled the Analyzer on all of them in high resolution mode, and things still work fine. There's maybe a half-a-second lag, but nothing like the issus I originally had. When leaving Logic to go to the Finder or some other app, there's sometimes some waiting - it seems that Logic somehow makes itself ready to work the way it wants to work, but that's fine. Jumping to new locations in the song, by clicking in the bar rules with the mouse, never takes more than half a second before the music starts playing from the new location. That's with 5 channel EQs open w/ analyzers. The song has maybe 60-70 plugins.
But then again, I removed some drivers and startup items I didn't need earlier today and couldn't get the problem back before I went 10.8.1 either, so I can't really tell what fixed it. I think part of the problem was having two screens with two different sizes/resolutions. I even found that it helped to open a window (on another screen?), and that this possibly helped even after I closed it again. At any rate, if you already are using Mountain Lion, I doubt that there are any reasons not to install the .1 update, which is only a few megabytes.
What I found in the midst of all this is that there are background operations not shown as Preference extensions in the Preference window, or as login/startup items on my account. Evernote, for example, has a feature called "Start Evernote helper" in it's preferences - which doesn't show up any of these places. So look in your menu bar for possible background troublemakers if you still have the problem.
Anyway - I was looking forwad to do some more troubleshooting tonight based on my findings, but now I can't even recreate the problem. Very disappointed. 😟