I've actually been having a lot of issues with Handcent since either the latest update or since I updated to Froyo (using an EVO). I did it around the same time, so it's hard to be sure which is at fault.
My problems range from taking between 5-10 seconds to load my conversation thread list and individual text thread to completely locking up the phone for about 5 seconds when sending and receiving text messages. It's really frustrating when I'm having a conversation with someone via text and I receive an incoming message while typing a response. The phone will stop responding while I'm entering text. Finally, the vibrate will go off and it will make the audible notification noise and display the notification in my bar at the top of the phone. Sometimes, it will type out the keystrokes I hit during the time it was locked up, but not offer any autocorrection, so the majority of my words are misspelled and I have to retype them. Other times, it will completely disregard what I typed while it was locked up and act as though I had my finger held down the entire time on a single key, producing a character as though I long-pressed something on the keyboard. It's very frustrating and has made texting almost unusable.
I can say that I noticed lag when using the stock app, too, although not as bad. Assuming it was something with the phone, I did a quick hard reset. After everything was wiped, the stock app responds INSTANTLY and Handcent still has some lag issues. It's not as noticeable as before, but it's definitely still there, particularly when typing a message. I don't even have to have an incoming notification now for the keyboard to lag when typing in Handcent.
I can confirm that a friend who's using an EVO with Handcent and Froyo has the same problems.
Anybody else have anything similar?