I've been trying to use the TODO bundle with a very large project containing a bunch of external/imported code which I don't control. In this project, Show TODO Items... takes a veritable eternity to run because of the volume of code it must scan. My project, however, is set to filter out a significant amount of this within TextMate, but these filters are being ignored by the bundle.
Upon investigation, it seems the issue is the core textmate.rb support library whose ProjectFileFilter (used by each_text_file) reads the TextMate prefs for its file/dir filters, rather than getting them from the current project first. Indeed, there doesn't seem to be any reference to the current project filters in the TM_* environment variables or in textmate.rb.
It would be great to see this filters respected by some of these core library commands where it seems they really should be taking effect.