Finally figured it out;
Under "Settings" in My Profile, I had the check box for "Use Local Workspace" checked. I unchecked it, and since then, problem resoved; Updox working great again.
Interestingly, there's a small "footnote" under that particular setting which indicates it is still under beta, but should "improve performance".... unfortunately, in my case at least, it was significantly hindering performance.
Thank you for all the responses.
