I have (hopefully "had") the same problem this question was describing, it was driving me insane with the fan turning max speed and the CPU super hot.
After reading the entries here, I realized that the keychain might be a place to look at: in my case, I turned off wi-fi, so the Ubiquity would not make calls to the net.
Then run Keychain Access and saw, as described in this thread, hundreds of entries that would make it super long. So I followed the procedure to reset the Keychain (I have my passwords stored in 1Password anyway):
http://support.apple.com/kb/TS1544
To reset your keychain in Mac OS X 10.4, Mac OS X 10.5, and Mac OS X 10.6 Snow Leopard or later:
- Open Keychain Access, which is in the Utilities folder within the Applications folder.
- From the Keychain Access menu, choose Preferences.
- Click General, then click Reset My Default Keychain.
- Authenticate with your account login password.
- Quit Keychain Access.
- Restart your computer.
As Apple itself suggests it, I thought it could not be too dangerous, plus the old keychain is not deleted but only renamed.
That did it.
The crazyness stopped and all went back to normal.
Incidentally, I checked in the Library/Application Support/Ubiquity and that folder was 4 Gb (Giga!), full of thousands of Ubiquity entries. I emptied it to see if I could recover the space (I copied it temporarely on my desktop to see if something goes wrong, then I'll delete it later), and all is well.
So, bottom line, resetting the keychain fixed the problem on both my Mac (MacBook Air and MacBook Pro, both with Mountain Lion)
Thanks to all for sending me in the right direction: hopefully this will help somebody else.