Extreme Framrate drop with 1.5

I use a 128x128 texture pack in Minecraft and I have had a massive framerate drop since the newest update with HD support. I've tried making the animated files as small as they could possibly be and I am unable to reduce any of the framrate problems. I can easily run the regular Minecraft texture and the 32x32 and 64x64 texture packs. All of my settings are set to low such as fast graphics, view distance, smooth lighting is turned off, and max fps is turned on. I have had no issues prior to this update with running 128x128.