I run a Quad Core i7 Mac, and am seeing CPU load of around 75% from the 'Backup&Storage' process. It is also consuming 1.82Gb of RAM!
I have a current uptime of 2 days and 20 hours with the backup client running and uploading constantly (its still doing an initial backup). Having just relaunched it (eventually) it is consuming ~15% CPU and 210Mb RAM.
Could this be looked into ASAP please as this points fairly serious problem with the Backup & Storage application!
The app is the by far the most awkward application I have ever allowed to stay on my system... Frankly it makes me uncomfortable - it really needs to be rewritten as a native application. The thing takes whole minutes to launch!