What is SafariDAVClient doing hogging up memory? I felt that my computer was slow today so I checked Activity Monitor. What I found was a process called SafariDAVClient hogging up 3.32GB of memory.

I am not even running Safari. Has anyone seen this problem? I've recently updated to 10.7.2 and my first suspicion is iCloud syncing. If anyone else is having the same problem, we should probably file a bug to Apple.
I ran into the same problem after updating to 10.7.2. SafariDAVClient also caused CPU-spikes all the time.

Disabling Bookmark Sync in the iCloud preferences, coupled with a reboot "solved" it.

It wouldn't hurt if you would file a bugreport with Apple as well. My ID is rdar://10280447, it's still open.