I am experiencing the exact same problem. I thought I'd give a detailed description of what I'm experiencing, in the hopes that it'll help in finding the solution—as it's kind of urgent.
I have a MacBook Pro (13-inch, mid 2012), and have updated to Yosemite 10.10. About a day after I updated, my computer started experiencing what Sareen described. Specifically: The slowness affects all programs individually—in other words, if TextEdit has the spinning rainbow wheel, this does not mean Finder or Safari will have the wheel; rarely does the slowness affect everything at once, though occasionally it does. (I have never experienced comparable slowness on any program but Safari on my MacBook Pro before these past few days of Yosemite.) I experience the slowness/freeze about every ten to thirty seconds while working on most programs, and the freeze lasts about the same (10 to 30 seconds). All programs are affected: Safari, TextEdit, iTunes, Finder, Spotlight, Calendar, Dictionary, Calculator, etc. I cannot listen to a song on iTunes for more than about 7 seconds before it stops to load. Dictionary is the absolute worst—any action taken there will have to load. Particularly affected are keyboard shortcuts and right clicks, but anything can set it off. Apart from the obvious spinning rainbow wheel, some other manifestations: Spotlight often shows no search results; words typed in word-processing programs often do not appear for a good ten seconds; turning wifi on and off takes about 10–30 seconds to actually take effect. As I type these words here, I can get about five to ten out before the rainbow wheel appears and I have to wait (TextEdit is not nearly so severe). Strangely, I have not had anything crash.
Running disk utilities and left-shift-option-control-power have been of no use. It seems to get worse the longer the computer is in use—I have greater breaks between freezes if I restart my computer, but within an hour it will be right back to what I described above.