klogd is acting strange with 2.4

celeron 433 intel i810.  320MB ram.

Before 2.2.18.  Now I've tested with both
2.4.1-pre12 and 2.4.1.  2.4 kernel klogd is
always using 99% cpu.  What gives?

I've three other less powerful boxes running
2.4.x kernels and none of them behave
like this.  This server isn't taking any
more hits than it usually does.

What more information I should post here?
I've two apache servers, pgsql and sendmail
and some other processes running on this
server.

Thanks in advance