(I did a quick search and did not find other posts related to this subject, but I think remember at least another one... excuse me for not following that thread.)
Description: sometimes you want to launch an app with folders associated to Espionage disk images and the beach ball appears for about a minute, with the app bouncing at the dock. After that minute, the app stops bouncing, you launch it again, and everything works fine.
The "maybe" new information: I have notice that this problem is easier to reproduce if you have several image in Espionage to mount. I think that the cause might be to close an app with some Espionage images associations and relaunch it while Espionage while it's still unmounting the folders (for example).
In short: It might be that while Espionage is mounting or unmounting images, if you launch an app that needs access to those disk images, Espionage shows us the spinning ball for about an entire minute.
Hope this helps,
Bernak