Here's a quick video that shows the problem:
http://instantvideowebpages.com/play/notmplvid.php?700
Same code, but when I click the screen to spawn a little green guy, he falls in slow motion in the Xcode simulator but normal speed in the Corona simulator.
Nothing revealing (at least to me) shows up in the console log.
I'm not even sure where to look for an answer -- any ideas?
Jay
PS - On the device itself (iPad) it hangs, which is how I discovered the problem in the Xcode simulator.