With compiz, making a new window or resizing a window makes the framerate
drop to 2 fps for about 5 or 6 seconds.
Running conky makes the frame rate that low most of the time, alternating with
brief moments of decent performance. That could be related to
xserver-xorg-video-radeon bug #572911, since with a more traditional window
manager (openbox), a lot of programs (including xterm) freeze briefly every
time conky redraws itself.
With the classic mesa drivers, compiz would occasionally take a long time to
render a few frames, but not nearly as often as it does now.
I tried rebuilding mesa with --enable-gallium-llvm, and it didn't change
anything. I tried it with linux-image-2.6.38-2-amd64 instead of my usual
kernel built from upstream source, and it didn't change anything.
I tried compiz with the --no-fbo option once, and the framerate stayed at
2 fps until I rebooted. Restarting X didn't help, I actually had to reboot.
I'm not really sure this is a mesa bug, so I hope it's not too much trouble
to reassign it if necessary.