We have pre-release 4G in the suburb of San Francisco I'm working in lately, and had horrible lag with 4G when I tried it. What seemed to cure it for me was something I'd read in one of the forums- do a (Menu->Settings->System Updates->) "Update Profile" while in the area you're using 4G in; I'm guessing (wildly, and outta my ass) that the reason the CPU is spinning in 4G is 'cause it's constantly trying to ping an IP address for a gateway that's not in your WiMax service area.
In any case, that seemed to fix it for me- I was able to use 4G successfully and w/o lag in the SF Peninsula and Vegas in the last week.
How long should the Update Profile take?