Hello, all. I had similar issues: mid-2011 27" i7 iMac, was running Snow Leopard without issue. Just took it to the Apple Store for a hard-disk replacement (part of the recent Seagate recall), and the machine ran fine afterwards.
Decided to upgrade to Mountain Lion to get the benefits of iCloud. Almost immediately after upgrade, my machine started to hang catastrophically (sometimes indefinitely). Repaired permissions, rebooted, reset SMC, but no change.
After a few searches (including this thread), I did a quick search in Activity Monitor and discovered that AddressBookSourceSync was eating nearly 100% of CPU resources. A quick search led to this:
https://discussions.apple.com/thread/3355782?start=15&tstart=0
Followed the instructions from Isday (about halfway down page), and this resolved the issue entirely (so far).
Seems that iCloud accounts might need to be disabled and then re-enabled (and re-sync'd) to get everything running smoothly again. Had a similar issue with iPhone 4S after upgrade to iOS6; iPhone would not publish Calendar changes to iCloud (iPhone could see changes made on desktop but wouldn't work in the other direction). Disabling and then re-enabling Calendar in Settings fixed the problem (again, so far...).
Hope this helps someone...