I've never had any delays with traffic. But you will want to get to Manitou early enough to park and get to the start.
In response to:
Is it a bad idea to stay in Colorado Springs if I'm running the Ascent Wave 2? I have free nights at some hotels that I'd like to use, but I don't want to be stuck in traffic that morning either. My wife will be with me, so she will probably drive me out there and go do something else. Is there a lot of traffic? How long will it take to drive that morning?