Would mediainfo still be a viable target to go after if this was a symptom?
I disabled mediainfo and tried again - same result.
I then uninstalled Flexraid and created shares manually via windows to each drives' movies folder (I have ten drives in total).
I then ran Moving Pictures and added each drive sequentially, and each drive increased the memory usage proportionally with the amount of movies on that particular share, until it maxed out. Identical symptoms to those of jasonwc a few posts back.
This problem has just about tipped me over the edge! I cannot solve it AT ALL! It just doesn't make sense.