I had the same problem as https://bugs.launchpad.net/awn/+bug/254536, but it seemed to get worse for me. After editing one of the launchers, two appeared in the pane. I told AWN to remove the launcher, and then suddenly it became very slow, CPU-intensive, take your pick. It would take between five to ten seconds or more for the AWN configuration panel to respond to buttons I clicked, or words I typed in. Finally, after finishing all of this, I closed the AWN configurations panel. AWN must have somehow become very CPU-intensive because I could hear my fan roaring, and it would not stop until I logged out. Of course, I had to do this by pressing ctrl+alt+backspace, because clicking on the start button brought no response. Perhaps this was just the normal lag for the GNOME menu to open, compounded by already heavy CPU use, although I'm not sure why the panel would still be using CPU. I would have checked GNOME system monitor to see the percentage of CPU AWN was using, but the lag was unbearable, and I could not access it anyway because the menu wasn't open, and it seemed like all of X was going slowly, or at least GNOME+AWN.
Ubuntu 8.04
Repository at ppa.launchpad.net/awn testing/ubuntu hardy main
Version 0.3.1
GNOME with Compiz Fusion
Nvidia GeForce 6200 Ubuntu latest video cards driver, nvidia