Kevin - that's unfortunate revision 62 did not resolve your catelog folder issue. A good test with your colleague trying on a separate PC and Studio revision.
Interesting that you lean towards a possible server-side issue. A few days ago I was getting this same issue despite several restarts of Studio and performing a clean install.
A the end of that day I created an AMI (Amazon Machine Image) from my active instance (in order to back up) as I normally do, and today when creating the active spot instance (running instance) from my latest AMI all was OK with opening of the catalog folder. I did however experience the usual sluggish performance, I'm pointing a finger at SPS6 rev.60 "enhanced" project tracking and repository synchronisation for this.
I'm unfamiliar with ways of managing instances on Cloudshare. Correct me if I'm wrong but Cloudshare is always-on 24/7 right, so normally your instance is never terminated (whereas I always terminate to stop the "meter")? Apologies if I'm way off but are you able to take a backup of your running instance, terminate the running instance and relaunch the instance using the backup image and then test the catalog folder?
By "bouncing" the server and performing a restart you may clear some HDB connection, log or other issue that is causing the problem, it's certainly worth a shot if possible and I'd love to wake up to success on this! I hope you can find a resolution with minimal pain.
If the "catalog folder" issue occurs again for me I shall report back.