TextEdit hangs due to iCloud

I'm running into an odd problem that hopefully somebody here has seen before... I had to reinstall 10.8 the other day and ever since then TextEdit has been behaving strangely.

The short of it is I'm unable to create a new document via either the menu bar and keyboard shortcut nor am I able to open a document via the menubar or keyboard shortcut. If I try to create a document, TextEdit locks up and has to be force quit. If I try to open a document, TextEdit just hangs for a minute or two like it's trying to do something.

When I launch TextEdit, it appears in the dock but nothing else happens. If you drag a document over it's icon it will open that document, but that's about it.

I've tried trashing TextEdit's prefs, saved state data and even it's data in Mobile Documents (i.e. iCloud) to no avail. The only solution I've found so far is to disable iCloud completely and reboot, but obviously that's not a good long-term solution.

Any ideas?