No more waiting!
List refresh was moved to thread to return to application instantly.
Warning: The method from TextMate is probably not thread-safe. It might crash after this change but it never did on my machine.
An updated version ready for Snow Leopard.
Download from the releases directory.
Update the contents of /Applications/TextMate.app/Contents/Resources/File Icons/ with http://github.com/markhuot/projectplus/tree/master/resources/replacement-icons/.