Studio One 3 x64 - multiple clicks and resource use even when idling

I just updated to the latest version of StudioOne 3 Pro in anticipation of arrival of FaderPort 8, but as soon as I run it (even before I've opened or created a project) I get random clicks on both chaels (sometimes very loud). I do notice an exclamation mark during the startup, suggesting that there may be a problem, but it goes so quickly I've no idea what it says.

In addition, StudioOne seems to be constantly doing something ... mouse cursor spends most time on hour-glass and it is using anything from 3% to 50%+ CPU. And this is just on the very first screen.

If I open a simple "song", it plays in bursts and one of the cores is ruing nearly 80%

There must be somewhere to review this log somewhere, but I can't find anything.Where can I see the log of the startup? The only .log file seems to be empty.

And any thoughts on the clicks and heavy processor usage (ruing win7 x64 on AMD Phenom II X6, 16GByte RAM and 12 TByte of storage - using Windows Audio 44.1kHz/16 )?