Hi,
I have a MBP and faced the same symptonms until i discovered this feature which is introduced in lion and enabled in potable macs by default, it is the local snapshots.
Apple posted a new Knowledge Base article, # HT4878, on how Local Snapshots work on portable Macs, with OS X Lion, that are not connected to a Time Machine drive.
One of the new features of OS X Lion is the ability to take what’s called “Local Snapshots,” made hourly, in the background, just like Time Machine.
When you enter the Time Machine browser, these snapshots will appear in the timeline along with regular backups, but they have a different color. According to Apple, “Gray tick marks represent local snapshots and pink tick marks represent backups stored on your external backup disk or Time Capsule. Note: Pink tick marks will be dimmed if your portable computer is not connected to your external backup disk or Time Capsule.”
Check your disk usage in "About This Mac" to figure out how much space is taken for this local backup. I think the process of taking hourly snapshots of the entire disk consumes a lot of CPU power and time as will as HDD read/write cycles. I stoped it using terminal command:
"sudo tmutil disablelocal"
it can be enabled again by
"sudo tmutil enablelocal"
more info in : http://web.me.com/pondini/Time_Machine/30.html
When I stoped this service my MBP returns to its SL speed. That was my case.