This only seems to happen when i use OpenGL to run it. So i compiled my own version of the example still the same problem. I removed the md2 models and it works fine without lag. It seems it has something to do with the md2 models when running OpenGL.

Look at the texture of the laser pointer. It only looks correct at some angles, when you face the target stright forward.
When you walk close to a wall facing it the framerate drops as well.
I've run/compared all examples and all that use OpenGL as render and have md2 models, in 1.4.1 versions the examples has a very low framerate.
Anyone encountered this before?