I have the same problem. I have my LEM on a host pretty much by itself, and half the host resources are dedicated solely to the LEM vm and the disk is local, not san disk.
The searches seem very laggy and slow most of the time, but with the reports console and the web console. I find if I have to generic search parameters or to large of a date, then search will pretty much fail. As it stands right now I can only do a search of data for a week long period of time in the web console using ndepth. If my date range is longer then that the search always fails no matter how specific of a search I put in.
The flash on the web console is also getting pretty rough to deal with and I usually have to close out my browser every couple of hours of having the console loaded or I run into memory issues. This is more of an issue with flash then the LEM product though.