I have a similar problem.
When I FTP 1000+ photos at 500 pixels wide it seems that PM starts using 48 to 50% of the CPU. Even 7 hours later it’s still using 50%. The FTPing is done, but PM is still using a lot of processor power.
I’m using a Core 2 Duo 3G, 2GB and XP.
Any suggestions on how to get it to run faster? It’s totally repeatable on my computer.
BTW, PM works great with exposure manager.