That’s a good fix, although it still takes a long time to edit and upload posts.
arm0110, just follow the link to openadvert’s blog, then download the php file and replace your own file. wp-includes/wp-db.php.
It’s not a bug, at least on WordPress’s end. I run two blogs, one using WordPress version 2.0.5 and the other using 2.1.3.
Both blogs were affected at the same time. Both blogs are hosted by GoDaddy, but on different hosting plans and therefore using different MySQL databases.
One database is version 4.0, the other is version 5.0.
It looks to me like it’s GoDaddy’s fault completely.