Docky hogs CPU but doesn't show up

Hello
And thanks for a great dock!

I've been compiling Docky from source for quite a while now. On Tuesday (April 6) however, I decided to do a 'make clean' and after that gio-sharp refuses to install (reports a missing mdb-file).
So I decided to go for the docky PPA instead. I removed my compiled-from-source-Docky and installed the one from the repository. All went fine.
As of yesterday (bzr rev1252 perhaps) docky refuses to show up and the CPU jumps to 100%.

Running 'docky -d' in a terminal shows:
[Info 17:35:56.215] Docky version: 2.1.0 bzr docky r1264 ppa
[Info 17:35:56.221] Kernel version: 2.6.31.20
[Info 17:35:56.222] CLR version: 2.0.50727.1433
[Warn 17:35:56.337] [GLib] g_set_prgname() called multiple times
[Debug 17:35:56.568] [UserArgs] BufferTime = 10
[Debug 17:35:56.569] [UserArgs] MaxSize = 2147483647
[Debug 17:35:56.569] [UserArgs] NetbookMode = False
[Debug 17:35:56.569] [UserArgs] NoPollCursor = False
[Info 17:35:56.676] [DockController] Setting theme: Classic

I have tried the following to no avail:
- Running it under metacity (normally run compiz)
- Clearing all docky prefs (rm -r ~/.local/share/docky ; gconftool-2 --recursive-unset /apps/docky-2)
- Uninstalling and installing it
- Restarting the comp

I have yet to sacrifice a goat. Though I hope to avoid it, as he seems to trust me and we have started developing a bond...

Since no one has posted a bug-report I assume my configuration is the culprit. So, is does anyone have a tip as to what I can look for?

All the best
/N