Hi Stephen,
Sorry for late reply.
I've done some investigation on the CC files issue you described, I can see the issue your described. Because the CC files' path is not in project location, after downloading the project to local(C), the CC files folder cannot locate which folder do you want to download to. So if you want to download the CC files, you can edit the local project and change the Content Center Files path to your local disk. And open from vault again, your can see the CC file have been downloaded.
For open from vault performance issue, as I know there have some new features added in ADMS2009 server, so if you use Inventor R11 to connect the server, the performance is slower than before.
Hope this helps. If this is not your issue, could you provide more information such as an AVI or screenshot.
Thanks,
Shadow