I also noticed this (now the 2nd time). All of a sudden the ventilation started and I got a peek of installd running at above 100% for a short while. Then it stopped.
Makes me suspicious that this is some malware (from Apple?)! I did not start thar bugger!
P.S.: Here's the console log:
20.07.12 00:34:12,555 com.apple.SecurityServer: Failed to authorize right 'system.install.app-store-software' by client '/System/Library/PrivateFrameworks/PackageKit.framework/Versions/A/Resources/in stalld' [50705] for authorization created by '/System/Library/CoreServices/Software Update.app' [50700]
20.07.12 00:34:12,555 com.apple.SecurityServer: Failed to authorize right 'system.install.software' by client '/System/Library/PrivateFrameworks/PackageKit.framework/Versions/A/Resources/in stalld' [50705] for authorization created by '/System/Library/CoreServices/Software Update.app' [50700]
20.07.12 00:34:15,852 diskmanagementd: DM ->T-[DMToolBootPreference recoveryPartitionInfoForVolume:what:dict:]: inHostDiskUDS=0x10a708c20=disk1=Lame Lion inWhatStr=RecoveryInfoBaseSystemVersion
20.07.12 00:34:15,911 diskmanagementd: DM ..T-[DMToolBootPreference recoveryPartitionInfoForVolume:what:dict:]: did get booterRecoveryUDS=0x10a708ae0=disk0s3=Recovery HD
20.07.12 00:34:15,911 diskmanagementd: DM ..T-[DMToolBootPreference recoveryPartitionInfoForVolume:what:dict:]: did mount nobrowse; MP=/Volumes/Recovery HD OMS=0x10a412120
20.07.12 00:34:15,911 diskmanagementd: DM ..T-[DMToolBootPreference recoveryPartitionInfoForVolume:what:dict:]: getting dict from file=/Volumes/Recovery HD/com.apple.recovery.boot/SystemVersion.plist
20.07.12 00:34:15,913 diskmanagementd: DM ..T-[DMToolBootPreference recoveryPartitionInfoForVolume:what:dict:]: got dict (or NULL=will return err): oooInfoDict=0x10a41d7f0
20.07.12 00:34:15,913 diskmanagementd: DM ..T-[DMToolBootPreference recoveryPartitionInfoForVolume:what:dict:]: did if-needed-best-effort unmount
20.07.12 00:34:15,913 diskmanagementd: DM <-T-[DMToolBootPreference recoveryPartitionInfoForVolume:what:dict:]: retErr=0 outInfoDict={
ProductBuildVersion = 11C74;
ProductCopyright = "1983-2011 Apple Inc.";
ProductName = "Mac OS X";
ProductUserVisibleVersion = "10.7.2";
ProductVersion = "10.7.2";
}