I started noticing the heavy disk use about two weeks ago. Upon investigating I noticed that the process Outlook.exe was taking up almost all of the memory available which caused the heavy disk use (paging out). After that I restarted Outlook and, after a short while, that behavior came back. The symptoms are:
1. around 25% CPU for the Outlook.exe process (on my quad-core);
2. Incremental occupation of memory (Private working set) with no apparent limit (I have had no time to test whether or not a limit will be reached);
3. the Outlook.exe process is writing to a .ETL file, but there is only one of these files present at any given time;
4. because of the lack of free memory the system begins paging which renders my machine virtually useless;
Have made several attempts to isolate/mitigate the problem (disabled the add-ins, repaired the installation). Nothing seems to work.