I have the same problem. I have a laptop bought in June 2011. When I installed the Mac OS X Lion, last update, it began to index my whole drive for days.
The completion bar of spotlight gets around 5% and then reiniciates again the indexing ("Recaulculating INdexing time...").
I ran the command sudo fs_usage -f filesys mds mdworker mdimport and this is the outuput. It seems that it reinitiates because of the crash or something... "md64 crash state". Any ideas ?
11:53:33.783029 getattrlist /Users/jordicalveras/Desktop/Texas - NMR/A1a101a16.1H.CDCl3.fid/log 0.000114 W mdworker.1130243
11:53:33.783031 getattrlist /Users/jordicalveras/Desktop/Texas - NMR/A1a101a16.1H.CDCl3.fid/text 0.000231 W mds.1130751
11:53:33.783117 getattrlist /Users/jordicalveras/Desktop/Texas - NMR/A1a101a16.1H.CDCl3.fid/fid 0.000024 mds.1130653
11:53:33.783131 getattrlist /Users/jordicalveras/Desktop/Texas - NMR/A1a101a16.1H.CDCl3.fid/fid 0.000009 mds.1130653
11:53:33.783140 getattrlist /Users/jordicalveras/Desktop/Texas - NMR/A1a101a16.1H.CDCl3.fid 0.000007 mds.1130653
11:53:33.783147 getattrlist /Users/jordicalveras/Desktop/Texas - NMR 0.000007 mds.1130653
11:53:33.783162 getattrlist /Users/jordicalveras/Desktop 0.000013 mds.1130653
11:53:33.783172 getattrlist /Users/jordicalveras 0.000009 mds.1130653
11:53:33.783176 getattrlist /Users 0.000004 mds.1130653
11:53:33.783252 open F=8 (R_____) /Users/jordicalveras/Desktop/Texas - NMR/A1a101a16.1H.CDCl3.fid/log 0.000037 mdworker.1130243
11:53:33.783254 fstat64 F=8 0.000002 mdworker.1130243
11:53:33.783270 fcntl F=8 <CHECK_OPENEVT> 0.000002 mdworker.1130243
11:53:33.783276 flistxattr F=8 0.000002 mdworker.1130243
11:53:33.783278 flistxattr F=8 0.000002 mdworker.1130243
11:53:33.783301 pthread_fchdir F=16 0.000006 mds.1130653
11:53:33.783304 close F=8 0.000007 mdworker.1130243
11:53:33.783305 close F=16 0.000005 mds.1130653
11:53:33.783571 fcntl F=11 <PATHPKG_CHECK> 0.000007 mds.1131102
11:53:33.783666 fstat64 F=15 0.000002 mds.1131163
11:53:33.783675 open F=16 (R_____) . 0.000009 mds.1131163
11:53:33.783676 pthread_fchdir F=15 0.000002 mds.1131163
11:53:33.783714 getattrlist /Users/jordicalveras/Desktop/Texas - NMR/A1a101a17.1H.CDCl3.fid 0.000089 mds.1131102
11:53:33.783754 open [ 2] (R_____) ras/Desktop/Texas - NMR/A1a101a17.1H.CDCl3.fid/Contents>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> 0.000020 mds.1131102
11:53:33.783955 getattrlist /Users/jordicalveras/Desktop/Texas - NMR/A1a101a16.1H.CDCl3.fid/log 0.000020 mds.1131163
11:53:33.784036 pthread_fchdir F=16 0.000004 mds.1131163
11:53:33.784040 close F=16 0.000004 mds.1131163
11:53:33.786135 fcntl F=11 <PATHPKG_CHECK> 0.000005 mds.1131102
11:53:33.786208 fstat64 F=15 0.000003 mds.1131163
11:53:33.786217 open F=16 (R_____) . 0.000009 mds.1131163
11:53:33.786219 pthread_fchdir F=15 0.000002 mds.1131163
11:53:33.786329 getattrlist /Users/jordicalveras/Desktop/Texas - NMR/A1a101a17.1H.CDCl3.fid/fid 0.000140 mds.1131102
11:53:33.786398 getattrlist /Users/jordicalveras/Desktop/Texas - NMR/A1a101a16.1H.CDCl3.fid/plist.back 0.000022 mds.1131163
11:53:33.786497 fcntl F=-1 [ 9] <GETPATH> 0.000001 mds.1131163
11:53:33.786505 open F=30 (R_____) . 0.000008 mds.1131163
11:53:33.786507 fstat64 F=30 0.000002 mds.1131163
11:53:33.786509 fcntl F=30 <GETPATH> 0.000002 mds.1131163
11:53:33.786513 close F=30 0.000004 mds.1131163
11:53:33.786518 stat64 /.Spotlight-V100/Store-V2/1CDE86B1-AE29-4155-91E0-2A6806703D95 0.000005 mds.1131163
11:53:33.786700 fstat64 F=2 0.000002 mds.1131163
11:53:33.786782 fcntl F=15 <GETPATH> 0.000003 mds.1130751
11:53:33.786785 fstat64 F=15 0.000002 mds.1130751
11:53:33.786795 open F=30 (R_____) . 0.000010 mds.1130751
11:53:33.786798 pthread_fchdir F=15 0.000002 mds.1130751
11:53:33.787044 open F=42 (RWCA__) mds64-crash-state 0.000247 mds.1130751
11:53:33.787047 pthread_fchdir F=30 0.000002 mds.1130751
11:53:33.787050 close F=30 0.000003 mds.1130751
11:53:33.787064 write F=42 B=0x4 0.000015 mds.1130751
11:53:33.787068 write F=42 B=0x8 0.000003 mds.1130751
11:53:33.787070 write F=42 B=0x8 0.000002 mds.1130751
11:53:33.787072 write F=42 B=0x8 0.000002 mds.1130751
11:53:33.787074 write F=42 B=0x8 0.000002 mds.1130751
11:53:33.787075 write F=42 B=0x8 0.000002 mds.1130751
11:53:33.787077 write F=42 B=0x3f 0.000002 mds.1130751
11:53:33.787117 close F=42 0.000040 mds.1130751
11:53:33.797189 read F=8 B=0x10e