http://superuser.com/questions/46195/why-does-mds-run-wild-in-mac-os-x-10-6
which suggested running
sudo fs_usage -w -f filesys mds
It scrolls madly, but I noticed some Backblaze files. Apparently Backblaze was updating its database continuously, which mds was dutifully indexing… continuously and CPU intensively.
I noticed that Backblaze was not up to date, and I upgraded it. Then I went to my Spotlight preferences to put an exclusion in for /Library/Backblaze. There was already one there. My assumption is that the Backblaze installer put that there, and that it somehow got removed by the Snow Leopard upgrade, and reinstalling put it back.
But anyway, hope that helps someone else out there.