Hey,
Using mIRC 6.21 on a P4 3.2Ghz, on approx. 30 channels with approx. 4000 nicks total. Every 30 seconds or so there is a noticable CPU spike, which lasts between 5-8 seconds.
Turning off the 'Nick Colors' makes the spikes go away.
On my machine, I have 2 'Nick Colors' that are set for two user-levels (which only appear in one channel anyway), with the IAL enabled and up-to-date.
I know at least one other person who has the same issue.