Having the same issue. I can play maybe 10 seconds at a time before it freezes up. Only when I’m sufficiently frustrated will the game decide to release control to me again.
Logging in also takes forever, menus won’t load properly, I see objects like the crane cables in the charr starting zone wiggling like crazy. The whole mess is just generally unplayable. It’s a shame too, since I just picked the game up maybe 3-4 days ago and it was working perfectly.
Swiftstorm’s suggestion didn’t help either.