Often while generating a mesh on smooth, CPU usage will drop to 1-5%, and the process will never complete (maybe if I left it for days it would). I thought it was caused by running out of memory, but I've seen it happen near the limit, but not exceeding. Memory usage still varies, and there is an occasional spike, or one core might run at 20% for a little bit and drop off again.
This always seems to happen at 46% completion. I dread 46%, and if it makes the jump to 82% I know the mesh will most likely complete.
It is currently doing it on a chunk with 69 10MP photos on a 3 core AMD with 8GB of RAM in Win7. It's done the same thing on my work computer, with is a MacPro with 8 cores and 8GB RAM.