Both of these work-arounds work for me ('Trackerd' & 'kill nautilus').
The Trackerd fix by Luiz above is particularly interesting because when
Trackered is not running nautilus appears to be able to pull itself out
of whatever spiral it's in. A "nautilus-debug-log.txt" is still
generated by nautilus but now it rarely spans more than 1 second. I've
attached an example log from one of my users. The generated log files
sometimes also include extra information.
** Attachment added: "nautilus-debug-log.txt"
http://launchpadlibrarian.net/10306131/nautilus-debug-log.txt
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[Gutsy] high processor activity after logging out and then logging in again
https://bugs.launchpad.net/bugs/150471
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