Tried it again & no delay on first run, but not when I tried to see where the update setting was left under Help -->.

Here is the log from just before the errors begin:
2012-07-15 19:09 (INFO) -- ArmoryQt.py:350 - Loading blockchain took 59.3 seconds
2012-07-15 19:09 (INFO) -- ArmoryQt.py:403 - Usermode: Expert
2012-07-15 19:09 (INFO) -- ArmoryQt.py:704 - Changing usermode:
2012-07-15 19:09 (INFO) -- ArmoryQt.py:705 -    From: Expert
2012-07-15 19:09 (INFO) -- ArmoryQt.py:713 -      To: Expert
2012-07-15 19:09 (INFO) -- ArmoryQt.py:2525 - Another Armory instance just tried to open.
2012-07-15 19:09 (INFO) -- ArmoryQt.py:755 - User requested never check for new versions
2012-07-15 19:09 (INFO) -- armoryengine.pyc:9084 - Handshake finished, connection open!
2012-07-15 19:17 (ERROR) -- ArmoryQt.py:782 - Could not access latest Armory version information
2012-07-15 19:17 (ERROR) -- ArmoryQt.py:783 - Tried: https://raw.github.com/etotheipi/BitcoinArmory/logger/versions.txt

After it unfroze, went to Help --> Armory Version and had no delay at all seeing the message that a new version was available, I tried that several times in a row, no delays and no more log entries being created to share.