Sparrow may not be that terrible; on first launch, it fetches, caches, and indexes the entirety of your Gmail account. I'm hoping that the CPU usage will subside once it finishes that process, but I still have a few thousand messages to go...
Edit: After finishing caching everything, Sparrow's CPU usage dropped to ~0% when idle. Scrolling, however, causes it to rocket up to ~70-80% on a 2.66 GHz Core i7 MacBook Pro.