This problem also results in the application event log filling up with the following error:

UpdateCPUInfo: Object reference not set to an instance of an object
Source:HPmssService

The final symptom and the one that lead me to the solution was the performance monitor not showing any object names just numbers.

Links:

http://stackoverflow.com/questions/2426 ... in-perfmon

http://weblogs.asp.net/rachit/archive/2 ... names.aspx

http://support.microsoft.com/?kbid=300956

All I did was:

cd\windows\system32
lodctr /R

In a command window. All is fine how. (Given that I've solved this, I'm now going to start working on world peace)