Bridge CS 5 is broken on my computer and it all started when i installed Lion (10.7.2).
What Mac are you using, how many RAM is installed and how many VRAM has your Graphic card?
Not a Mac user, but I would say it is more likely the OS and not Bridge.
I know iin Windows OS sleep mode can cause problems, and in the past it frequently had a hard time even starting. Probably when the disk comes to life it just does not find the files to load.
It's and iMac 2009
2.66 GHz Intel Core 2 Duo
4 GB Ram
But only had issues since 10.7
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Here might be the culprit, while 256 MB is the required minimum 512 MB is recommended. Try to play with the various Graphics Processor settings in the PS preferences Performance tab and see if this speeds things up. (under advanced disable OpenCL)
And you can also choose to enable the 'Use software rendering' option in the Bridge Advanced preferences tab.
As said, minimum is minimum, every new edition takes more power of the Graphic card to enable all new futures. If possible upgrade your Graphic Card, 1 GB VRAM becomes quit common for newer cards and you will benefit from this for sure.
Many Thanks for taking the time to reply.
I have performed your steps above and it seems to have sorted out the issue. Also, I realised that I set the application to preview everything on the desktop when it opened and I feel that wasn't helping either.