FYI, I'm staying on 10.7.4 for now. I've noted a couple of people still saying TM is SLOW but they may not realize this is due to their SL still indexing. I'll sit on the fence for a while. As for my emticons they are working just great thanks
Like you I too went back to 10.7.4. Spotlight finished indexing very fast. As did TM.
On upgrading back to 10.7.5 today (new download) the Spotlight was still showing fully indexed. No dot in the mag glass. Didn't even flicker. TM back to normal too. It seems fully sorted. I assume that anyone who followed the advice to set the HD as private or deleted the index as their fix will have to rebuild it which will take a while. People going from .4 to the revised .5 should not have any problem.
Pity about the nonsense above.