"All My Files" option in Open/Save dialog get 100% CPU on Mountain Lion for a couple of minutes? "All My Files" option in Open/Save dialog get 100% CPU on Mountain Lion for a couple of minutes?

How to solve this?

Mainly this happens twice: once before drawing anything on screen and once again after displaying the files. 

After about two minutes you can use the dialog, but the problem reapers every time you click on All My Files.

I do have a SSD+HDD setup on my machine. Console does not say anything interesting.
This might be caused by the general slow spotlight problems with OS 10.7.5 and 10.8.2.  What version of Mountain Lion are you running?  How long has this been a problem?  If you're running 10.8.2 you might try this workaround.