Had the same/similar problem,  but I would have 5-6 instances of network
manager running, all using 14%ish of the CPU.

Also had the problem where it wouldn't connect to certain wireless
networks.

Followed Catalin's advice and switched to Wicd, no problems.

-- 
intrepid->jaunty upgrade: NM spins, consuming 100% of CPU
https://bugs.launchpad.net/bugs/354342
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