Please wait for local session manager...

After a few days uptime our terminal servers (Windows Server 2008 x64 SP1) display the message "Please wait for local session manager..." when the client first establishes a connection to the terminal servers just prior to prompting them for their credentials.  The duration of the message seems proportional to the uptime - the longer it is up the longer the delay.  By the end of a week this message can remain for several minutes and by the end of two weeks you need to have a good book!  (okay; it is only about 10 minutes...)

I had noticed that the Private Working Set memory seems to grow from ~10MB to ~100MB in a few days and to ~250MB within a week. 

I am aware that there is a handle leak in lsm.exe when playing an audio file in Windows Media Player 11 (KB933245) but until now I had ruled this out as we do not have the Desktop Experience feature installed on the Terminal Servers and so Windows Media Player is not installed.  Add to that the fact we have not enabled the Windows Audio service and I find it hard to see how that known issue could be the cause of our problem.

I am going to install the hotfix on one of the terminal servers later today to see whether is does have any impact but in the meantime I was wondering whether anyone else experienced this problem?

Many thanks,