I've had places turn into slideshows, which is pretty much what you describe. For me its only extremely high populated places like Dalaran and such. Usually it's alright if I let everything load then try moving around.
1. Do you have the game launcher on? I'm not sure if this is an option like it was before. You may be forced to use it. Just mute your sound for a moment when you to go to hit play, its very loud.
2. After 4.0.1 the launcher still wanted to download more data. Did you let that get through most of the 'Playable' range before you tried logging in?
3. If you didn't the client will keep downloading data while your logged in but at a slower pace. Mouse over button on your micro menu that shows the little computer screen. The tooltip will have 'xx FPS', ' xx ms Latency' and 'Downloaded: xx%' in it. If it seems rather low then that could be what's causing the lag.
Those are really the only things that come to mind since you have no addons.
Oh! One more thing, with the 4.0.1 patch the game the system minimums/recommended requirements went up to what they will be for Cataclysm:
Requirements Knowledgebase Article.