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I am seeing something similar, which manifested itself just when I tried to switch to (unsupported, I know) Dropbox syncing in order to switch over to iCloud. So I am running 10.7.2 and the latest YJ.
Startup times are slow but tolerable, but quit times can vary from a few seconds (still slower than before) to upwards of 20 minutes, with the machine essentially freezing due to memory usage by YJ of about 4GB, both real and virtual. I do sync with an iPad, but I don't presently have a .DeviceSyncEvents.queue file.
Any ideas?
Andrew