I finally upgraded to Snow Leopard, and am eager to see if things (with Helios) have improved. I'll post an update later tonight.
How much RAM do you have?
Find eclipse.app
right click and choose Show Package Contents
Contents->MacOS->eclipse.ini
change this line: -Xmx256m to something like -Xmx512m
http://davidsalter.co.uk/blog/?p=332
Here's mine:
-XX:PermSize=256m -XX:MaxPermSize=256m -XX:+UseConcMarkSweepGC -XX:CMSIncrementalMode -XX:CompileThreshold=100 -XX:+CMSClassUnloadingEnabled -XX:+CMSPermGenSweepingEnabled -Xverify:none -Xms1650m -Xmx1650m
Edit: Yeah, 1650m is way more memory than I really need. I'm just fortunate enough to have 8G in this machine so I had plenty to spare.
Edit again: I use emacs in Terminal to edit /Applications/eclipse/Eclipse.app/Contents/MacOS/eclipse.inito add these parameters