Evolution Slow Checking and Displaying Emails

Since upgrading to 12.10 Quantal and Evolution 3.6.0 Evolution has become painfully slow. It seems to check email itself fine, but if I manually select Send and Receive it hangs uses 100% CPU and has to be killed. It also seems to update the search folders on every launch (which again takes ages and uses 100% CPU) and when switching folders or displaying emails (be it plain text or HTML) it also hangs uses 100% CPU and take several minutes saying 'Retrieving message 37377347...." before displaying the chosen email.

Needless to say, this is making Evolution pretty much unusable. A 3-4 minute wait just to view my Inbox after viewing another folder is irritating to say the least.

ProblemType: Bug
DistroRelease: Ubuntu 12.10
Package: evolution 3.6.0-0ubuntu3
ProcVersionSignature: Ubuntu 3.5.0-19.30-generic 3.5.7
Uname: Linux 3.5.0-19-generic i686
ApportVersion: 2.6.1-0ubuntu6
Architecture: i386
Date: Tue Dec 11 17:17:10 2012
MarkForUpload: True
SourcePackage: evolution
UpgradeStatus: Upgraded to quantal on 2012-10-19 (52 days ago)