Plugin taking 850ms to execute, how to troubleshoot?

According to the P3 – Plugin Performance Profiler , w3 total cache is taking nearly 1 second to load. This is backed up by what I’m seeing on tools.pingdom.com, given the 1 sec wait time before the first page is loaded and every subsequent request on the load is lightning fast.

Any suggestions for troubleshooting this or is this an issue related to the most recent round of bugs?

Thanks

http://wordpress.org/extend/plugins/w3-total-cache/