When
I look at Windows resource meter in the Task Manager,
it's all iTunes, baby!
That really doesn't mean anything. I can write a program that does absolutely nothing, won't heat up your system in the slightest, but will cause Task Manager to show 100% CPU utilization.
It's rather complicated to go into, but the short version is that when iTunes is waiting on something, be it some other process or whatever, it will show 100% CPU utilization (or 50% if you have a dual core processor). The Task Manager is simply not capable of telling the difference between "real" CPU-usage and "waiting" CPU-usage. During podcast downloads, iTunes is waiting on threads to finish downloading, and if the computer is scanning the data as it comes in and is written to disk (Norton Antivirus is fond of doing this), then it can lead to a higher than normal CPU utilization. Also, since it is downloading lots of stuff at once, the disk will be spinning like a bat out of heck, leading to increased heat and probably activating your laptop's fan. Some laptops will even activate the fan's high speed based on the CPU-Usage as well.
My point is that just because Task Manager shows iTunes using 100% doesn't mean iTunes has a problem or anything like that. It just means that the Task Manager blows and isn't showing you what's really causing that usage.
Now, all that said, iTunes is a bit of a resource hog. It uses tons of RAM (for a good reason, you have to have that library loaded into memory to use it), and it uses more GDI objects than any program I've ever seen (a GDI object has to do with drawing stuff on your screen... iTunes custom GUI is very GDI intensive). But the CPU usage really means nothing at all.