The plot thickens...
It seems that the problem only occurs when I am running:
Bitgem + Doubloons + JunkCoin + Powercoin.
If I close any one of these cpu usage drops to 2 - 7% but when I re-open it cpu usage immediately jumps back to 100% and stays there.
I can run:
Bitcoin + Litecoin + LQC + PPC + TRC + FRC + BQC + RUC + TBX + FBX + BTE + Chrome + QT-Creator + Bitvise SSH +MSE and I still don't reach 100%, but if I close ALL of those and run only Bitgem + Doubloons + JunkCoin + Powercoin I get 100% cpu usage instantaneously. Something is up with these clients.