Pinto, it sounds like there's something else going on.
There are some troubleshooting steps you could try:
1. Delete the Preferences file.
Close Lightroom.
Find the Preferences file.
Windows XP - Documents and Settings/[Username]/Application Data/Adobe/Lightroom/Preferences/Lightroom 2 Preferences.agprefs
Windows Vista - Users/[Username]/AppData/Roaming/Adobe/Lightroom/Preferences/Lightroom 2 Preferences.agprefs
Mac OS X - [Username]/Library/Preferences/com.adobe.Lightroom2.plist
These may be hidden folders on some systems, which you may need to show (or type the folder path into the address bar).
You can move or rename that preferences file, rather than deleting, if you think you may wish to put it back.
2. Optimize the Catalog (File menu > Catalog Settings > Relaunch & Optimize and wait for it to tell you it's completed.
3. Create a new catalog to rule out catalog corruption. (Restart Lightroom holding down Ctrl (Windows) or Opt (Mac) and select Create New Catalog.)
4. Import some images into that new catalog to check everything's working as expected.
5. Temporarily remove Develop presets - a corrupted preset can cause problems like that.
And if that doesn't do the trick, report back!!
Oh, and Wilt - Lightroom was already mostly built by the time they bought RawShooter Pro.... but they did use some of the ideas in extending it.