SmartFTPCopyHook Registry entry hangs Explorer

I've had a problem on my computer in which explorer.exe would hang for about 15 seconds when I either double-click on a file or right-click on a file. I finally traced it down to a single registry entry related to SmartFTP. The entry is:

HKCRDirectoryshellexCopyHookHandlersSmartFTPCopyHook

After I deleted this entry and rebooted, explorer.exe no longer hangs.

Note that this behavior does not show up on my other computer. I'm not sure what's different. There may be some other software on my first machine that was conflicting with the SmartFTPCopyHook, but the CopyHookHandlers key was pretty clean.