Yes, this mean virtual memory is encrypted to avoid thieves ... I don't know if each time there is an write/read it decrypt or only when we open/close the session, but on all others versions of OSX (Snow, Leopard, Tiger, etc) it was not enabled; and it is known to eat cpu...
Try to disable it and see if it change something...
You can also try to see if you are in 32/64 bits, and see if switching on the other mode change something :
To know which mode 32/64bits you are booted on :
In terminal, type : uname -a
To switch on 64 bits on next reboot if your computer support it :
type : sudo systemsetup -setkernelbootarchitecture x86_64
To switch on 32bits, type :
sudo systemsetup -setkernelbootarchitecture i386
You can also try to disable all the gadgets Lion have enables (in comparison to olders OS) with Onyx or Cocktail... Like finder animations, snapshot application state, etc...
Also sometime Spotlight and Flash Player make CPU going to more than 90/100%
You can easily replace Spotlight with "Easyfind" small freeware, which is very useful... (easyfind on macupdate)
For Flash i have found a plugin wich replace Flash player by HTML5 for some youtube movies but i don't have seen working yet... http://www.mactrast.com/2011/08/new-safari-extension-replaces-flash-video-with-h tml-5/
On Lion i was having also lot of problems with Safari (the wheel of the dead, turning and turning)... You can try an older version, or use Firefox...