I’ve only seen this happen (with 1.0beta27) if I’ve a) had Emacs open for several days and b) been doing a _lot_ of magit operations across multiple branches. Usually I notice magit operations getting slower first, then gradually most things get slower. M-x kill-emacs and a restart cures it.
Do you see memory usage increase over time for Emacs?
Is it fast when you first start it up? i.e., does it slow down over time?
Sean