I tried opening a project in a fresh install of 944 (new caches directory and all, but opted to import settings from 939) and when I do open it up, it brings up the "Parsing files" dialog, my computer slows down, the lights dim (just kidding) and the next thing I know I am getting OutOfMemoryErrors in the console. I have to end up killing it.
This is on W2K, 1GB RAM 1.8 Ghz AMD Athalon.
I tried deleting some things out of the "system" directory (e.g. caches) with no success.