Im having the same problems on my Surface Pro 2 (Win8.1); 20-30% CPU usage by both the skydrive sync engine process and the search index process, along with constant 100% disk usage.
I tried the troubleshooter, which resets skydrive, and resolves the problem but only until restarting windows. Go to the desktop/task manager and the processes are there both thrashing again.
I've also found that the disk usage is actually skydrive creating log files in the AppData\Microsoft\Windows\SkyDrive\Log folder; it seems to be creating event log files constantly.
Any ideas? It must be something messed up with the skydrive client, and needs a fix from microsoft. Its killing my surface battery, unless I remember to go and kill the process almost everytime I turn it on.