Solution: iTunes 10.5 using 100% CPU / Not backing up your iPhone.
This solution has been documented on this forum by several people, but the solution is usually deep in multiple threads. I really don't know who came up with it first, but it does indeed work.
I had an issue with iTunes.exe, APSDaemon, and AppleMobileDeviceHelper.exe using 100% CPU per core. (Showed as 25% in Task Manager.)
I could not backup my iPhone and the CPU spike happened as soon as iTunes 10.5 was started on Windows 7 Home Premium x64.
This solved it.
Sounds stupid but works:
1. Quit iTunes.
2. Start an elevated command prompt (Start Menu -> All Programs -> Accessories -> Right Click "Command Prompt" -> "Run as Administrator")
3. Once in the command prompt, type "netsh winsock reset" and hit ENTER.
4. Reboot your machine.
5. Restart iTunes.
6. ???
7. Profit!