ASS subs cause >30s load times (OS X, VLC 1.1.x)

Ticket #3395 (closed) seems to have resolved a crash related to loading ASS subtitles, but opening the files continues to be painfully slow. Average loading time seems to be around 30s for a 25min file. This appears to only affect S_TEXT/ASS in MKV files. Affects at least Mac OS X 10.5 and 10.6 with VLC 1.1.2 through 1.1.5.

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