It's not much but, have you tried the
suggestions in FAQ answer #6?
I'm running the VPC on a Core 2 Duo system (an XPS M1330) with only 2 GB of memory using Vista Ultimate. Performance is slow (it is the first CTP after all) but I don't get hangs when I create a project. Of course everything's relative, what I think of as "slow" you might think of as a "hang".
In an unscientific test, creating a Win32 Console project seems to take about thirty five seconds or so from clicking Finish to being ready to cut code. But it wasn't hung, I could see activity in the solution explorer window as various files were added to the project.
The performance isn't great, but that's part of the price we pay for an early-look at the functionality. I would rather see this CTP released with the performance the way it is, than wait for a later release with better performance.