My MacBook Pro performance went downhill after upgrading to 10.7 online - mtmd consumes up to 133% CPU. What to do?

My MacBook Pro (2.8GHZ, i7, 8GB 1067 MHz DDR3) performance went downhill after upgrading to 10.7 online - mtmd consumes up to 133% CPU. I realize this is associated with Time Machine. Simple fix - disable Time Machine. But I want/need to use Time Machine. Is this a memory leak issue with mtmd AND mds process? Potential corruption with the online download of 10.7? Any suggestions how to correct this issue? Thanks. - Doug