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One big bottleneck for the system is the way PPro deals with the audio. For a test, try disabling all the audio. you should see a big performance increase. The trick now is to keep PPro from working too hard on the sound.
Try this - Instead of placing your mixed audio track on track 1 in the source timeline, place it in track 2 of the timeline you actually use for the multicamera editing. Then delete anything in track 1 in this timeline. You can link the video and track 2, but pay attention when you remove material that you are cutting audio 2 as well, to keep everything in sync.
It may still not be perfect, but it should help. You can also disable any color-correction on the tracks until you are finished cutting, as this is a system drag in multicam.
Multicam is overall a bit of a mess in CS4. The delay you see is no fun. You will notice, however, that the actual cut will be at the right moment.
I started to have delays like that when I had nearly filled my hard drive. Clearing room on the drive and defragging really sped things up.
Is it just me who is experiencing this problem? I wonder!!!!!!