it's happening to me too right now
My smart update happens at 3:30am, going from one internal drive to another. I just got home from work, and it had been going for four and a half hours, and got as far as trying to prepare my back up drive. I stopped it at that stage thinking it had hung, and started it again. As of now, it has been preparing my main drive for over an hour.
I will let it run all day and see if it completes, then try another backup to see if the problem goes away, per the original poster, but I wanted to let you know it wasn't an isolated incident.
cheers.
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