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Well, I spent 5 hours fighting with MP, finally got it to reasonable CPU levels:

- downgraded Nvidia driver to 84.21

- downgraded ffdshow to 20041012

- completely reinstalled MP back to base 0.2.2.0 ( removed SVNs )

- reconfigured MP and ffdshow from scratch

looks good now

lesson learned: newer software is not always better software ;-)