I was happily using Eclipse 3.2 (or as happy as one can be using Eclipse) when for a forgotten reason I decided to upgrade to 3.4. I\'m primarily using PyDev, Aptana, and Su
To add to my previous answer and to your recent update:
Eclipse just hangs for ~30 seconds, then magically comes back.
That is usually a sign for a failed network access with a timeout (and the associated 'freeze' while the application is waiting for said timeout).
try typing 'net use' in a DOS prompt, and check if you have net path declared there, some of them you could get rid off ('net use /D aUselessPath'). To be sure, check also the shares that you declare (net share).
Since you are with Vista, try also to deactivate superfetch and see if you still experience those freezes (both for eclipse and Firefox).
Open a CMD prompt with administrative privileges and enter "net stop superfetch" to stop the SuperFetch service.
It is not a good long-term solution though, just a quick check to make. Superfetch should be kept on, and will actually restart on your next reboot, since the service is set to start automatically at each Windows session.
Again, this is just to see if there is any connection between that service and your freezes.